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June 02, 2020

New York Post: Alex Rodriguez and Jennifer Lopez Working on 2nd Bid to Buy the Mets

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After a failed attempt last month, Alex Rodriguez and Jennifer Lopez are looking to collaborate with new investors in a further effort to acquire the New York-based baseball team.

Famous couple Alex Rodriguez and Jennifer Lopez are not done trying to own the Mets just yet. According to the New York Post, the duo is preparing to table another offer to the club’s owners, the Wilpon family.

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The baseball legend and actress are reportedly putting a considerable portion of their fortunes into the new deal, as opposed to only about 2 percent of the equity in their previous offer, which crumbled due to disagreements over management of the team.

The duo is reportedly working with bankers at JPMorgan Chase on a more attractive bid for the Wilpon family, who are now more willing to sell given the economic strain due to the COVID-19 pandemic, which escalated an already dire financial situation at a club that was already operating at a significant loss.

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With the renewed commitment from the couple, a deal is likely to be struck as close associates of the club suggest the current club owners are open to selling a portion of SNY (the team’s TV network) to make a deal work. A prospect they were utterly opposed to earlier, but remain keen retaining some ownership of the network.

Lopez, born and raised in New York, is said to be intent on being actively involved in the running of the club.

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However, despite recent developments, Rodrguez and Lopez will still need other partners to come up with a considerable offer and are working with Chase to access JPMorgan's investment bank and wealth management units. Their new bid is expected to be just under $2 billion.

The couple is reportedly speaking to other possible investors, including Patriot owners Jonathan and Bob Kraft, who are very interested in J-rod's plan to move the club forward, especially given their well-known emotional attachment to the club. 

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Lopez and Rodriguez are said to be planning a re-imaging of the club's brand and stadium into a more entertainment-friendly arena, with talk of the redevelopment of the ballpark and creation of a box area for celebrity fans. A source close to the couple said,

"With their connections, Willets could become a Wrigleyville in Queens."

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Lopez, born and raised in New York, is said to be intent on being actively involved in the running of the club as the couple looks to bring their star power to the franchise, which has been invested in by the Wilpon family since 1980.

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