According to the New York Post, former MLB all-star Alex Rodriguez and his fiancee, multi-medium entertainer, Jennifer Lopez, have moved on from their efforts to purchase the New York Mets.
The Post originally reported Rodriguez’s potential interest in making a run at the Mets in February, with Variety confirming his and Lopez’ retaining of JPMorgan Chase to help facilitate funding on April 20.
Per author Thornton McEnery’s sources, Mets ownership’s “reluctance to part with SNY”, the team’s regional sports network, was at the heart of the breakdown between parties.
Wayne Rothbaum of Quogue Capital LLC was initially tabbed as a potential investor in a bid with Rodriguez and Lopez, but, as per the Post, “the Rothbaum thing soured fast”.
Rothbaum was reportedly very much interested in investing in a below-market purchase of the team as of last week, but, clearly, things hit a snag.
Amid the ongoing COVID-19 global health crisis and the indefinite suspension of baseball operations, naturally, the value of the team is in flux.
Forbes currently has the team’s monetary value pegged at $2.4 billion with SNY, though that figure would surely be lower without the inclusion of the cable network in a potential sale.
Billionaire hedge fund manager — and current holder of a minority, eight percent stake in the team — Steve Cohen’s agreement to purchase 80 percent of the Mets for $2.6 billion — without SNY — fell through in February.
Though some reports of the Long Island-raised Cohen still having an interest in purchasing the team have circulated, these could be classified as rumors, at best.
We’ll keep you posted with more information as it becomes available.
