Jennifer Lopez & Alex Rodriguez Reportedly Want to Buy New York Mets
Latin diva Jennifer Lopez and her retired baseball star fiancée Alex Rodriguez are reportedly aiming at placing a bid on buying a majority stake of the New York Mets.
The power couple has reportedly retained the services of JPMorgan Chase to raise funds for a bid on the New York Mets.
THE STAKE PERCENTAGE THEY HOPE TO PURCHASE
The team is currently owned by the Wilpon family, who announced their plans to sell 80 percent of it in December, and the pair enlisted the help of the banks co-head of North American media investment banking, Eric Menell, to raise the capital required.
Steve Cohen, a billionaire hedge fund manager, opted out of the $2.6 billion deal after the Wilpons refused to give up control of the team for five years after purchase. He still owns an 8% stake in the team, and the possibility of him placing another bid has not been ruled out.
THEY WILL NEED DEEP POCKETS
According to reports, the team's investment banker Allen & Co, will head up the team's auction which is believed to have no conditions attached to the sale moving forward.
With Alex and Jennifer's combined net worth reported to be around $700 million, they will have to raise a substantial amount of cash to make their purchase feasible.
"It's real," a source familiar with the situation told the New York Post of the couple's intent to purchase the Mets.
ALEX ALLUDED TO THE PURCHASE LAST MONTH
In March, Alex led on about his and Jennifer's plans to purchase the team when he appeared on "The Tonight Show" and said:
“I will say this, if the opportunity [to buy the Mets] came up, I would certainly look at it,”
The Mets were valued at $391 million when the Wilpons assumed control of the franchise in 2002, and the new buyer will reportedly have to swallow losses estimated at $50 million per year.
JENNIFER'S SEPARATE LEGAL MATTER
However, Jennifer also has another legal matter requiring her attention as of late. In June 2017, Jennifer posted a picture of her taken by the New York photographer Steve Sands to Instagram, which led to accusations of copyright infringement.
According to documentation obtained by E! News, Steve accused Jennifer of posting the picture without permission or promise of compensation and is now suing the superstar for an excess of $150 000.
THEIR RECENT CAUSE FOR CELEBRATION
With wedding bells looming in the future, Alex Rodriguez and Jennifer Lopez celebrated the one year anniversary of their engagement last month.
Taking to social media, Alex posted a video clip containing cherished memories he shared with Jennifer during the last year. Aptly, the sweet compilation plays off to the classic song by The Temptations, "My Girl."