New York Mets owner Steve Cohen's new stake in Sphere Entertainment Co (NYSE:SPHR) could signal a future bet on more sports-related events at the ball-shaped venue.

What Happened: Cohen's Point72 Asset Management hedge fund recently disclosed a 5.5% stake in Sphere Entertainment with 1.56 million shares, including options, owned.

The stake comes after Cohen previously owned a stake in the company, but sold it earlier this year.

James Dolan, who co-owns the New York Knicks and New York Rangers, has voting control over Sphere with his family's stake.

The Sphere is set to host the 2024 NHL Draft on Friday, June 28 and Saturday, June 29. ESPN and ESPN+ are set to broadcast the two-day event.

"The NHL is proud to bring the first sports event and the first live television broadcast to Sphere," NHL senior executive vice president Steve Mayer said. "Together with the amazing team at Sphere, we plan to deliver an NHL Draft like no other."

TKO Group Holdings (NYSE:TKO) owned Ultimate Fighting Championship (UFC) will also host UFC 306 at the Sphere in September.

So far, the Sphere has hosted the likes of U2, Phish and Dead & Company. It will also welcome The Eagles later this year.

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Why It's Important: Sphere Entertainment continues to generate revenue from concerts and movie experiences.

It posted third-quarter revenue of $321.3 million, which missed Street consensus estimates. The Sphere segment had revenue of $170.4 million, outperforming the company's MSG Networks segment, which had revenue of $151 million.

"Sphere continues to establish itself as a premier destination for some of the most highly anticipated events in sports and entertainment," MSG Entertainment's Joel Fisher previously said. "We're pleased to welcome the NHL Draft, and look forward to showcasing Sphere's next-generation capabilities both in person and around the world via the first live television broadcast from the venue."

Cohen is the 147^th richest person in the world as reported by Bloomberg, worth $13.9 billion. Cohen's hedge fund has been investing in artificial intelligence companies in recent months.

The new investment in Sphere could represent a sign of things to come with two sports team owners now connected through the venue. Sphere could serve as a host for many sports drafts, award shows and other events.

Sphere shelved plans to open a similar venue in London.

SPHR Price Action: Sphere shares trade at $32.38 versus a 52-week trading range of $36.02 to $51.83. Sphere shares are up 22% over the last year.

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