Mets Rumors

As Alex Rodriguez and Jennifer Lopez bolster their group to bid on the Mets and a group led by the owners of the Philadelphia 76ers and New Jersey Devils also eyes a bid, a third potential buyer for the Mets appears to have surfaced. Scott Soshnick of Variety reports that brothers David and Simon Reuben, whose combined estimated worth is a whopping $14 billion, are now “exploring” a bid. Real estate opportunities in the area surrounding Citi Field are likely a driving factor in the interest, per the report.

The Reuben brothers, both in their mid- to late-70s, have built their empire through a series of real estate endeavors, investments in tech companies and in retail over in the United Kingdom. David Hellier and Natalie Wong of Bloomberg reported less than two months ago that the Reubens purchased a retail condo near Manhattan’s Rockefeller Center as they looked to expand their enterprise to New York, and a bid for the Mets would seemingly align with that interest. They’ve also expanded their residential real estate efforts into Madrid (via Bloomberg) and expressed interest in purchasing a stake in an English Premier League club.

With the Wilpon family reportedly looking to complete a sale of the team — but, according to Newsday, not the SNY Network — by year’s end, we’ve seen increased interest surfacing over the past month. Of course, the Mets believed they were already on the cusp of a gradual, five-year sale to billionaire Steve Cohen last December. At the time of the agreement, Cohen would’ve taken over an 80 percent stake of the club by 2025. However, that deal crumbled in February and left the Wilpons seeking a new buyer.

The economic downturn brought about by the COVID-19 pandemic complicates matters and will significantly cut the valuation of the franchise, but the extent isn’t yet known — nor is the level of bid which any of three potential buyers is planning. The two most recent sales of MLB clubs, the Royals in 2019 ($1 billion) and the Marlins in 2017 ($1.2 billion) both illustrate the demand for franchises, though. And as we saw with the Marlins’ sale, it’s possible that several permutations of ownership groups headed by the same principal figures could come together and fizzle thereafter before a deal is ultimately agreed upon.

Reporting earlier today made clear that Alex Rodriguez and Jenifer Lopez have had success lining up some wealthy investors to join them in pursuit of the Mets.

It seemed initially that there was another deep-pocketed participant in the A-Rod-J.Lo group. Per Charles Gasparino of FOX Business (Twitter link), Florida Panthers owner Vincent Viola had joined the fray along with previously rumored Mike Repole.

It turns out that is indeed the case, but that Viola’s public emergence doesn’t really add to the pot. As Tim Healey and Jim Baumbach of Newsday report, Viola is actually working with Repole. The pair are said to be willing to invest to the $250MM level.

It seems there could be other contributors as well — as one might expect, given the anticipated cost of a New York baseball franchise. While the sale price will obviously droop due to the coronavirus uncertainty, it’s still a marquee asset in the sports world.

The current Wilpon ownership group is interested in wrapping up a deal by the end of 2020, per the Newsday report. And it seems the current package of assets would not include the revenue-producing SNY network, which will obviously bear on the level of outside interest and price that can be achieved.

That timeline is of interest, as it makes clear that this is a near-term proposition. Those who followed the recent sale of the Marlins will recall that there was still plenty of uncertainty at this point on the calendar. A deal was consummated in August, in time for the new ownership group to prepare for a full first offseason.