The 'On the Floor' singer and her fiance announce they are no longer pursuing the acquisition of the MLB team, just one day after she shared her excitement about being the potential first female owner of a sports franchise.
- August 29, 2020
AceShowbiz - Jennifer Lopez and Alex Rodriguez have backed out of their pursuit to become the new owners of the New York Mets. Just a day after confirming that they were in negotiations for the acquisition, the couple announced that they officially dropped out of the running on Friday night, August 28.
"The consortium led by Alex Rodriguez and Jennifer Lopez has informed the Mets that they are no longer pursuing the acquisition of the team," J.Lo and A-Rod said in a statement. "The consortium, which included Vincent Viola, Mike Repole, and Marc Role had submitted a fully funded offer at a record price for the team which was supported by binding debt commitments from JP Morgan and equity commitment letters from credit worthy partners."
It continued, "The consortium said that they are disappointed to not be part of the revitalization of New York City and provide an exhilarating experience for the fans and wish the Wilpon family and the entire Mets organization well."
Posting the statement on her Instagram page, J.Lo admitted that she and Alex "are so disappointed!!" She added, "We worked so hard the past 6 months with the dream of becoming the first minority couple and the first woman owner to buy her father's favorite Major League Baseball team with her own hard earned money." While their dream was crushed for now, she promised, "We still haven't given up!!"
As the consortium led by J.Lo and A-Rod backed out of the acquisition, it's reported that billionaire and hedge fund manager Steve Cohen has entered exclusive negotiations to buy the NY Mets and is expected to reach a deal to purchase the team within days, according to CNBC's journalist David Faber.
The news of J.Lo and A-Rod losing a bid to purchase the Mets comes just a day after she shared her excitement at the prospect of being the first female owner of a sports franchise with the potential acquisition. "In this day and age, that would be something that would be so amazing," she said on "The Corp", Alex's podcast with Barstool Sports' Big Cat.
Noting that she didn't "have anything to report on that end right now," she added, "But I think in every field, especially in institutions like Major League Baseball that are so American in this moment in time, it is important for diversity. It is important for women to have positions of power that they've earned, and deserve, and can contribute in a way that is just as good as any man on the planet. So of course I am for it."
