New York — Former Yankees superstar Alex Rodriguez and his fiance, Jennifer Lopez are raising capital to purchase the Mets, according to a Variety report.
The Miami power couple is said to be working with JP Morgan Chase’s Eric Menell, who serves as the bank’s co-head of North American media investment banking, to raise the capital to make a bid for the New York Mets.
The team has suspended spring training in South Florida due to the coronavirus. The New York ball club is currently owned by the Wilpon family who were in talks to sell 80% of the team last year to hedge fund manager Steve Cohen in a deal that valued the club at $2.6 billion. But, negotiations fell apart after Cohen sought to amend the terms.
J-Rod apparently want to get in the game just like another teammate of the slugger, Derek Jeter, who is a part owner of the Miami Marlins.
The team’s managing partner is venture capitalist Bruce Sherman, while Jeter, who owns about 4% of the club, runs business and baseball operations. Jeter contributed about $25 million to the purchase of the team, which was sold for $1.2 billion. He is also forfeiting his $5 million salary during the outbreak to make payroll for the rest of the team.
As a player, A-Rod entertained signing with the Mets as a free agent in 2000. He ultimately signed a record 10-year, $252 million deal with the Texas Rangers. He was then traded to the Yankees, where he won a World Series.
J-Lo is from the Bronx, home of the Yankees.