Report: Alex Rodriguez, Jennifer Lopez Raising Capital For Possible Bid On New York Mets
(CBSNewYork)- Former New York Yankees third baseman Alex Rodriguez and his fiancée Jennifer Lopez are reportedly looking into making a bid on a baseball team. That team is not the Yankees but rather, their crosstown rivals the New York Mets.
According to a report from Variety, the couple has retained the services of JP Morgan Chase to raise capital for a possible bid on the franchise. In the report, Variety states that the couple is working with the managing director of the bank, Eric Menell, who is the co-leader of the institution's media investment operation.
Spokespeople for both Rodriguez and Lopez did not respond to requests by the magazine for comment and neither did Menell.
The current owners of the team, the Wilpon family, had agreed to sell 80% of the team to hedge fund manager Steve Cohen in a deal worth $2.6 billion in December. However, that deal fell apart when Cohen attempted to amend the deal.
For Rodriguez and Lopez, they would likely need a similar set up to the one that former Yankees shortstop Derek Jeter was involved in when bidding on the Miami Marlins. Jeter owns a 4% stake in the club, but is running the team's baseball operations while Bruce Sherman is the team's managing partner. The combined net worth of A-Rod and J-Lo is reportedly around $700 million.