Late last month it was reported that Álex Rodríguez and Jennifer Lopez had retained JPMorgan Chase in order to raise capital for a potential bid on the Mets. I was pretty skeptical anything was going to come of that given that teams sell for billions and that, for as rich as A-Rod and J-Lo are, they’re not at the “guy who runs a hedge fund” level of rich.
The skepticism was warranted. From the New York Post:
According to multiple sources, Alex Rodriguez and Jennifer Lopez are no longer interested in buying the Mets. That decision was reached after negotiations with potential partners failed to materialize and it became clear that the Wilpons’ reluctance to part with SNY makes it almost impossible for anyone without many billions of dollars to afford owning the team.
The network is where the money is. Buying just a team, old school-style, is simply not done in the age of massive broadcast rights. To do it both together, again, takes serious bucks. Not unlike the bucks Steve Cohen was reportedly putting on the table back in December, when he had agreed to buy a majority stake in the club and SNY for $2.6 billion. That, however, fell through as Cohen was unhappy that the Wilpons wanted to retain day-to-day operation of the team beyond 2025, the original agreed-upon timeline.
Sorry Mets fans. You’re probably gonna be stuck with the Wilpons for a long time.