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.