NEW YORK (CelebrityAccess) — Baseball legend Alex Rodriguez and pop diva Jennifer Lopez are reportedly teaming up to make a bid on the Major League Baseball team The New York Mets.
The New York Post reported that Rodriguez and Lopez are assembling an ownership group of four to five investors who could pay upfront to acquire the storied baseball franchise.
As the Post noted, the Wilpon family, which currently owns the team, has been looking for a buyer for the franchise for some months, and that may spell a steep discount in the era of COVID-19, with MLB games on hold for the foreseeable future.
“He’s got a group with some real names,” a source told the Post. “Alex is gonna get this because of COVID. It’s gonna fall in his lap.”
According to Variety, the Lopez and Rodriguez have retained investment bank JPMorgan Chase to oversee the bid and to help raise capital for the endeavor.
A previous deal, announced in December by the Wilpon family to sell up to 80% of the team to hedge fund Steve Cohen, came unraveled over terms, Variety reported.
The Wilpon family acquired the team in 2002 for $391 million but it has become a money-losing proposition, with annual losses of about $60 million a year in the last two years, according to the New York Times.