Surprised, eh? Jennifer Lopez and fiance Alex Rodriguez are reportedly looking to buy the New York Mets. Rodriguez, also known as A-Rod, has played twelve seasons with the New York Yankees. The rumors arose after the owners, Wilpon family, failed to secure a bid to sell 80% of their share. However, J-Lo and A-Rod are going to need to raise a lot of money for the bid, and they are not alone.
Jennifer Lopez retained JP Morgan Chase:
In December 2019, the Wilpon family were looking to sell a majority share of their ownership. They nearly struck a deal with the hedge fund manager and billionaire Steve Cohen. It would have given him 80% of the ownership while the Wilpons called the shots for 5 more years. However, the deal fell through at the last moment. In the proposed deal, the Mets were valued at $2.6 billion.
Meanwhile, Alex Rodriguez and Jennifer Lopez have a net worth of almost $350 million. That totals to more than $700 million in combined net worth. The couple has reportedly retained JP Morgan Chase to help raise money in order to make a bid. It is unclear how much capital the couple has raised as of yet, and how much share of the team are they going to get.
Why not the New York Yankees?
It was surprising to hear that Lopez and Rodriguez were making a play for the Mets, not the Yankees. Rodriguez has played for and served with the Yankees his entire career. Moreover, Lopez grew up in the Bronx, home of the Yankees. However, some are speculating that Mets are just a stepping stone to something bigger. Considering the Yankees are not on the market and Lopez would need to raise much for capital for them, they are settling for the Mets now. The couple could jump ship from the Mets at the earliest opportunity.