Former New York Yankees slugger Alex Rodriguez and his fiancée Jennifer Lopez are getting ready to make a bid to buy the New York Mets, according to a report.
The team is currently under ownership by the Wilpon family, which purchased the franchise in 2002 and is now looking for prospective buyers after a deal with billionaire hedge fund manager Steve Cohen fell through in December. Now the Mets sit in limbo as the Wilpon family seeks to sell a majority share of the team, according to Variety.
The proposed deal with Cohen was valued at $2.6 billion. Meanwhile, Rodriguez and Lopez's combined net worth is roughly $700 million. They have retained JPMorgan Chase to raise capital.
The deal with Cohen would have given him 80% of the team while granting the Wilpon family rights to retain ownership of the Mets for five years. These preconditions will not stand in the sale of the franchise should Rodriguez and Lopez stake their claim.
The couple's interest in the Mets comes as a surprise, given that Rodriguez played for the Yankees and was involved with the team upon retiring. He will be following in the footsteps of former teammate Derek Jeter, who contributed about $25 million to purchase part of the Miami Marlins, which was sold for $1.2 billion. The deal gave him 4% ownership but he has taken on the role of CEO since the team changed hands.
© 2023 Newsmax. All rights reserved.