The star-studded couple of former MLB All-Star Alex Rodriguez and pop superstar Jennifer Lopez reportedly gained “at least one new backer” to help fuel their pursuit of owning the New York Mets, according to Josh Kosman and Thornton McEnery of the New York Post.
There’s been far more promise in the duo’s second attempt at club ownership after an initial foray into ownership lost steam in April.
Per the Post, Galatioto Sports Partners investment bank — who is working with A-Rod and J-Lo — is working with two investors who are considering investing a combined $250 million to create a group to go after the Mets. The identity of those two investors is unknown at this time.
Galatioto Sports notably worked with Joshua Harris and David Blitzer in their acquisition of the Philadelphia 76ers in 2011. The two are also reportedly preparing to bid on the Mets to add to their conglomerate of pro teams owned. They also own the New Jersey Devils of the NHL, Crystal Palace of England’s Premier League, and recently acquired a less-than-5% stake of the NFL’s Pittsburgh Steelers.
Rodriguez and Lopez’s combined net worth is roughly $700 million, meaning they will need a considerable amount of help to gain majority ownership of the team.
Galatioto Sports along with representatives for Rodriguez and Lopez did not immediately return amNewYork Metro’s request for comment.
After Steve Cohen’s failed attempt to buy 80% of the team for $2.6 billion fell through in February, the financial swoon due to the coronavirus pandemic recently had the same stake valued near $1.6 billion.
It remains to be seen if Cohen will re-enter the sweepstakes for the Mets. Those with knowledge of the situation told amNewYork Metro on Tuesday that it seems unlikely he would lead another pursuit for the team he currently holds an 8% stake in, but Huffington Post contributor Laura Goldman later reported that the 64-year-old hedgefund billionaire is still interested.