Alex Rodriguez looking to buy Mets
The search for a new Mets owner has taken a surprising turn.
Former MVP Alex Rodriguez and fiancée Jennifer Lopez are raising capital in an attempt to purchase the New York Mets. The couple has commissioned J.P. Morgan to represent them during this endeavor.
We’ve seen a number of interesting names connected to a potential sale (Jerry Seinfeld, anyone?). However, this is the first definitive report of a suitor since talks broke down with Steve Cohen, who had previously purchased an 8% limited partnership stake back in 2012 for $40M.
Back in December, there were rumblings that the hedge fund manager would acquire an 80% controlling stake of the organization. Under that proposal, owner Fred Wilpon (along with brother-in-law Saul Katz and son Jeff Wilpon) would have stuck around the organization for another five seasons.
At that time, the current ownership team was eyeing a $2.6B valuation. A cursory internet search shows that A-Rod and J-Lo have a combined net worth of around $700M, meaning they’ll certainly need some assistance in making the purchase. That pursuit of capital may be made a bit tougher thanks to the ongoing pandemic.
Of course, this isn’t the first time that we’ve seen a former All-Star player transition to owner-side of things. Rodriguez’s former teammate, Derek Jeter, became CEO and part-owner of the Marlins back in 2017.
Regardless of who takes over ownership in New York, Mets fans will welcome the change. Jeff Wilpon has specifically earned the ire of fans and pundits, as the executive has meddled in baseball operations for years. This clearly hasn’t helped, as the Mets have exceeded 90 wins only twice in the past 15 years.
A-Rod and J-Lo certainly love the limelight. If they end up purchasing the club (in a major city, no less), they’ll hopefully understand that they should leave the trades and signings to the front office.
Considering the talent the Mets have stockpiled over the past few years, there should be some reason for optimism in Queens. Regardless of who purchases the organization, removing the Wilpons from the equation can only be a good thing.Last updated: Thu 23rd April 2020