Alex Rodriguez and Jennifer Lopez would wish some deep-pocketed companions to tug off a purchase order of the New York Mets.
The famous person couple could have recognized one in every of them in Quogue Capital founder Wayne Rothbaum, who’s in talks with the engaged former baseball star and his recording artist and actor fiancé about becoming a member of their bid group, an individual aware of the matter instructed Sportico.
Rothbaum, who three years in the past unsuccessfully bid on the Miami Marlins — which had been finally offered to a gaggle that included Rodriguez’s former New York Yankees teammate, Derek Jeter — didn’t reply to requests for remark.
The particular person was granted anonymity as a result of the matter is non-public.
A-Rod, because the ex-baseball star is thought, additionally approached one other Marlins bidder, Jorge Mas, about becoming a member of the bid group. Mas, who controls Miami’s Main League Soccer group, declined, based on an individual aware of the matter.
Rothbaum has been a biotech investor for almost 30 years. He based New York-based Quogue in 2002.
Rothbaum has submitted an utility to Main League Baseball, the particular person mentioned, including that his desire could be to function an investor within the group and never the controlling companion.
Talks between Rothbaum, A-Rod and J-Lo, because the famous person performer is thought, started previous to any disruption brought on by the coronavirus, the particular person mentioned. All the main U.S. sports activities leagues are on maintain due to the virus.
A-Rod and J-Lo are working with JPMorgan to boost capital for his or her bid, Sportico reported yesterday. A spokeswoman for JPMorgan declined to remark.
The Wilpon household, which owns the Mets, mentioned in December they had been in talks to promote as much as 80% of the membership to hedge fund titan Steve Cohen, who grew up a Mets fan on Lengthy Island, in a deal that valued the group at $2.6 billion. Underneath phrases of that settlement the Wilpons would’ve maintained management of the franchise for 5 years. These talks ended after Cohen, who has an 8% stake within the Mets, tried to change the phrases.
The Mets have retained Allen & Co. to supervise the sale course of, which has been slowed by the virus.
The Wilpons assumed management of the franchise in 2002 at a valuation of $391 million. The group loses at the very least $50 million a 12 months.
It’s troublesome to pinpoint what the long-term ramifications of the virus-related shutdown will imply for the values of sports activities franchises. All the leagues are weighing a number of choices goals at salvaging some portion of their seasons.
Scott Soshnick is the editor-in-chief of Sportico, Penske Media’s new sports activities enterprise platform.