A-Rod, J-Lo Return

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  • This article was first published in the FOS Daily Newsletter. Subscribe here.
  • Jennifer Lopez and Alex Rodriguez are taking another approach at the New York Mets.

Alex Rodriguez and Jennifer Lopez are back in the bidding for the New York Mets as the coronavirus pandemic and new financial partners have increased the likelihood of a sale. After a failed approach in February, the celebrity couple has retained JPMorgan to find a new round of investors and are preparing a total bid that will be “definitely less than $2 billion.”

Newfound willingness of the Wilpon family to include part of SNY, the Mets television network, has sparked talks of a sale, combined with the impact of COVID-19 on the Wilpon’s businesses. The Mets are reported to operate at a loss and rely on TV revenues for profit; owning a team without a television network as sports prepare to return without fans would be cost-prohibitive.

Rodriguez and Lopez plan to remodel the Mets brand and Citi Field as a full entertainment venue and have been consulting with New England Patriots owners Robert and Jonathan Kraft about development plans to create a “Wrigleyville in Queens.”  The Kraft’s Gillette Stadium complex features shopping, entertainment, restaurants and a hotel and they have expressed interest about investing in something similar in Queens, though not buying a baseball team.

Rodriguez and Lopez have been researching development around Citi Field and Willets Point in order to create a place for fans to stay before, during and after a game.