Jennifer Lopez and Alex Rodriguez looking to own a sports franchise and the New York Mets are in their crosshairs.
The Wilpon family, which currently owns the Mets, is looking to sell the team.
According to TMZ, A-Rod has a vision for the Queens, NY based team and he thinks its a lucrative proposal.
Rodriguez and Lopez are planning to put up a relatively small percentage of cash necessary to make a deal. However, they are actively looking for big investors who can invest somewhere between $25-$50 million.
They would then seek financing from a bank for the remaining balance. A-Rod and J Lo have reportedly retained JPMorgan Chase to raise capital.
The Mets have been mismanaged for years. They are not the Yankees, which have a status as the baseball crown jewel of the Empire State. That means there is only upside if the celebrity duo aligns with the organization.
The Mets are reportedly worth around $2.4 billion. However, many others have valued the team in the $1.5 billion range. Hedge fund manager Steve Cohen was previously in negotiations to buy the Mets in a deal valued at $2.6 billion, however, that fell apart in February.
If A-Rod is a former New York Yankees player and J Lo is from the Bronx. Not the typical NYC ownership look with rival boroughs but a facelift is a facelift.
