New York Mets owner Steve Cohen has purchased a 5.5 percent stake into Sphere Entertainment, the parent company of Sphere in Las Vegas.

The deal is for 1.5 million shares in Sphere Entertainment, which includes 582,400 shares of Class A common stock, according to a Schedule 13G filed Friday with the U.S. Securities and Exchange Commission. The purchase was made by Point72 Capital Advisors, Inc, a Cohen-owned hedge fund.

Point72 previously invested in Sphere Entertainment late last year, but the hedge fund sold its more than 260,000 shares this year, according to a February SEC filing.

The deal makes Cohen the second professional sports team owner to have a stake in Sphere Entertainment. Jim Dolan, owner of the New York Knicks and New York Rangers, and his family own 6.9 million shares of Sphere’s parent company.

Sphere and its viral exosphere opened last year and served as a point of interest during the 2023 Las Vegas Grand Prix, where spectator grandstands were constructed and the stage was located for top-billed music acts that performed during race weekend.

Sphere has mainly hosted music act residencies and special events since its opening. The first sports-related event takes place this week with the NHL Draft at the arena Friday and Saturday.

The next sporting event planned for Sphere is UFC 306 on Sept. 14.

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