ARod and JLo are up to more than just the normal quarentine activities during this time. The power couple have started working with JPMorgan Chase to raise capital to put a bid on cross-town rival, the Mets. The couple would be looking to make the investment after a deal with Steve Cohen fell through in December. Currently valued at $2.6 billion, the Mets would be a big invesment for the couple. Combined, their net worth is about $700 million, falling short of what they would need to be sole investors.
ARod first mentioned the purchase on The Tonight Show with Jimmy Fallon in early March. When asked becoming a potential owner he responded: “I will say this, if the opportunity came up, I would certainly look at it.”
“Maybe you can buy them with me,” Rodriguez later joked with Fallon. “I need a partner.”
ARod never played for the Mets but did however have a close encounter with the National League team in 2000. Instead, Rodriguez signed a $252 million 10 year deal with the Texas Rangers which eventually brought him to the Yankees in ’04. Rodriguez also admitted his long time love for the Mets on the Tonight Show.
“Here’s what it is: I love New York City. A lot of people don’t know this, but growing up I was a big Met fan.”
Following in Jeter’s footsteps
ARod is following in the footsteps of former teammate Derek Jeter who teamed up with investors to buy the Miami Marlins, a team he never played for, for $1.2 billion in 2017. Although Jeter may be the face of the Marlins now, he actually only has a 4% stake in the team. In 2017 Jeter became minority owner of the team investing $25 million of the $1.2 billion needed. Jeter paired up with Bruce Sherman, a venture capitalist who left the baseball decision to Jeter. ARod is looking to do something similar with the Mets, potentially forming a team of four or five people who would help financially secure the team and leave the baseball to Rodriguez.
The COVID discount
Now is the perfect time for the couple to look into the investment considering what the global pandemic is doing to the economy. The Wilpons, who have been looking to get the team off their hands for months, may be willing to accept a lower offer than previously discussed. With the baseball season nearly cut in half at this point, all MLB teams will be seeing a cut in value due to loss of ticket sale revenue. The Wilpons, who have had financial problems for years, might just let go of the team quickly for less money so they don’t have to deal with the costly realities of the 2020 baseball season.
75 days ago, the Wilpons and Steve Cohen failed to agree to a $2.6 Billion deal to sell the Mets. Today, the team is closer to being worth $1.6 Billion.