Months after rumors began circulating that it was a possibility, it appears Alex Rodriguez and Jennifer Lopez are getting ready to step up to the plate to buy the New York Mets.
According to a report in Variety that has been corroborated by The New York Post, Rodriguez and Lopez have enlisted the services of JPMorgan Chase to help them raise capital for a possible bid on the NYC ballclub. “It’s real,” a source with knowledge of the situation told The Post.
With a combined net worth of $700 million, 44-year-old Rodriguez and 50-year-old Lopez would need some help in order to purchase the 80 percent stake in the team billionaire Steve Cohen declined to buy for $2.6 billion earlier this year. Cohen holds an eight percent stake in the Mets.
The Wilpon family, which owns the Mets, is still planning to sell that stake in an auction being conducted by the franchise’s longtime investment banker, Allen & Co. Were A-Rod and J.Lo to purchase it, they would likely need to put together an investment team the same way Derek Jeter did to become a partial owner of the Marlins in Miami.
When the Marlins were sold for $1.2 billion, Jeter contributed about $25 million to take a four percent stake of the club and now runs business and baseball operations. The 45-year-old former All-Star has decided to forego his $5 million salary indefinitely in the wake of the MLB season being placed on hold for the foreseeable future due to the COVID-19 pandemic.
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