By: Amber Hawkins @ambbamm_
Photo credit: hiphophollywood.com
The couple is making major strides to purchase the team. According to Variety JLo and Arod have secured JPMorgan Chase to raise capital for a potential bid on the New York Mets.
According to reports, they’ve been working with managing director Eric Menell, the bank’s co-head of North American media investment banking. Multiple sources familiar with the situation, claim the couple are putting together an ownership group of four to five people that could potentially pay up front for the entire franchise.
But insiders also point out that the Wilpon family, which has been trying to sell the team for months, might have to accept a low offer thanks to the financial impact of the pandemic and the first deal falling through with Steve Cohen.
Initially hedge fund superstar Steve Cohen was in the process of making a deal to purchase 80% of the team for 2.6 billion. The deal fell through because Cohen wanted to amend the terms.
With the season indefinitely postponed due to COVID19, the Mets aren’t pulling in revenue from tickets or in-stadium sale. The MLB has stated that all franchises must meet their payroll obligations to the players. Allegedly, The Wilpons have had financial problems for years, accumulating debts that would only get worse if this season were even cut in half.
JRod have yet to release a statement regarding the sale. Best of luck on they’re new endeavor!