Jennifer Lopez and Alex Rodriquez are one step closer with their bid to purchase the New York Mets, the New York Post reported on Tuesday. An outlet source confirmed that the couple is close to having another backer in their attempt to acquire the baseball team.
The Galatioto Sports Partners investment bank along with two other investors are considering adding up to $250 million to the couple’s bid, a source told the outlet. Galatioto Sports is a leading investment bank that has assisted in other sports team acquisitions. The firm represented the 76ers when billionaire Josh Harris purchased the Philadelphia team. The co-founder of Apollo Global Management is also currently bidding on the Mets.
Sources close to Lopez and Rodriguez confirmed that a Galatioto deal “is in the works.” The outlet also reported that the couple has recently amped up their efforts to secure funding to purchase the team. Firm president Sal Galatioto declined to comment on the matter, and the source did not provide any investors’ names.
The couple has been trying to buy the team since early this year. The former Yankee and actress ended their initial bid in May after funding with partners fell through. The pair was working with Long Island biotech billionaire Wayne Rothbaum, but the investor only wanted to purchase if the price was low. The two sides could not reach a deal, and “the Rothbaum thing soured fast,” a source told the New York Post in May.
It was also reported at the time that Mets owner, Fred Wilpon, wanted to keep the media arm of the team, SNY, for the revenue. Purchasing the Mets without the media portion was a difficult sell.
“There is no way this team trades now without SNY. The Wilpons can play hardball as much as they want, but no one can afford to own this team without the TV revenue. It literally doesn’t add up,” one banker close to the situation told the Post.
The situation has now changed, and Wilpon has reportedly grown more desperate to sell the team, helping further the bid for Lopez and Rodriguez. The couple isn’t the only one interested in purchasing the sports team. Besides an effort from Harris and David Blitzer, the NY Post reported that another unknown bid was on the horizon.
The Mets purchase isn’t the only thing keeping the couple busy these days. As The Inquisitr previously reported, the couple was spotted in Malibu, California, over the weekend searching for summer rentals.