Alex Rodriguez and Jennifer Lopez will not relent in their pursuit to buy the Mets, even with Steve Cohen’s signature on the dotted line.
According to Charles Gasparino of Fox Business Network, the A-Rod and J.Lo bidding group – which also includes Walmart CEO and executive Marc Lore – have approached the Mets’ investment bankers with a proposition: if Cohen is not approved by MLB owners they will match his offer without any renegotiation.
Cohen’s deal to purchase the Mets is reportedly valued at $2.42 billion, according to Sportico.
MLB owners are currently vetting Cohen and will hold a vote in November, in which the billionaire hedge fund manager needs 23 of 30 possible votes to become the Mets majority owner.
A-Rod and J.Lo believe that many owners are wary of Cohen but it is believed he will have the votes to be approved, according to Gasparino.
The potential cause for concern surrounding Cohen is that in 2013 he pled guilty to insider trading charges and had to pay $2 billion in fines as founder of SAC Capital – his now-defunct hedge fund conglomerate.
However, Cohen was never charged with insider trading himself, and – as Gasparino noted -- his willingness to pay cash for a Mets team that is in financial trouble should delight owners around the league and get him the approval he needs.
Meanwhile, should A-Rod and J.Lo somehow get to a point where they could be up for MLB ownership approval, Lopez would be switched to as the control person – which would require owners to approve her rather than A-Rod.
Rodriguez would have been no sure thing himself. The controversial slugger sued MLB in 2013 after he was dealt a lengthy suspension for performance-enhancing drugs.