According to reports from Variety, sources familiar with the matter say that Rodriguez and Lopez have “retained JPMorgan Chase” for the purpose of raising capital to help finance a possible bid. Adding to the validity of the rumor, the publication even names a specific Managing Director, Eric Menell, who is the co-head of North American media investment banking for that company.
Back in December, the Mets owners were set to sell as much as 80 percent of the club to hedge fund manager Steven Cohen, but the negotiations ended up falling apart.
This broken deal had the organization valued at $2.6 billion, while A-Rod and J-Lo have a combined net worth of $700 million. While one can’t really rely on celebrity net worth websites for accurate information, it’s safe to assume that the pair come up short of having nearly $3 billion to spend on a baseball team on their own. This means that–like with A Rod’s former teammate Derek Jeter’s purchase of the Miami Marlins–the couple would have to partner with some deep-pocketed individuals to make a bid that would have a chance of winning.
When he became a free agent for the first time in the 2000-01 offseason, Alex Rodriguez considered signing with the Mets–but he instead ended up signing a 10-year/$252 million deal with the Texas Rangers. After three years there, he was traded to the Yankees, where he played until the end of his career in 2016.