The Mets have been on sale since February after hedge fund billionaire Steve Cohen’s deal failed. There are a handful of buyers interested in the team. Owners of the Philadelphia 76ers and New Jersey Devils Joshua Harris and David Blitzer made an offer. Alex Rodriguez and Jennifer Lopez are also interested.
At first it seemed like a deal with A-Rod and J-Lo was a pipe dream. But they just gave a boost to their potential ownership group.
Vitaminwater co-founder Mike Repole and billionaire Vinnie Viola have announced that they are joining the singer and former player. Repole and Viola will contribute up to $ 250 million.
Rodriguez and Lopez have been trying to develop an offer for months. They asked for help from JP Morgan Chase to raise additional funds.
Mets President and CEO Fred Wilpon and his son Jeff have said they hope to reach an agreement by the end of 2020. This would mean finalizing a buyer by October 1. The team loses approximately $ 90 million in a typical year, and the situation only worsened during the pandemic.
The Wilpons and Cohen seemed close to a deal, but the deal – worth $ 2.6 billion – collapsed in February. They are unlikely to get an offer worth close to that amount. The Harris and Blitzer deal was barely half; their offer is $ 1.4 million.
Anyone who ends up buying the Mets will not get the team’s SNY television network. It was a point of contention, while not knowing who would control the team, which caused the breach of Cohen’s agreement.
The Mets have been on sale since February when a deal with hedge fund boss Steve Cohen – who would have rated the franchise at a baseball record of $ 2.6 billion – collapsed. It’s not clear what price the Mets will get now, but no one who knows the subject expects it to be close to what Cohen was willing to pay.
Repole, who founded Bodyarmor in addition to Vitaminwater, and Viola are friends of the horse racing world. Viola is also the owner of the Florida Panthers, which gives the A-Rod and J-Lo team some credibility.
Jeff Wilpon said the Mets have four to five bids. Cohen could also come back with another offer.
The Wilpons are now on a clock for sale, however. And that could make them earn far less money than they would like.