Update 08/29/2020 4:08pm:

Previously this year, it was noted that Jennifer Lopez and Alex Rodriguez were looking to buy the New York Mets. The couple was reportedly working with JP Morgan Chase to raise capital for their bid on the MLB team. Now, news surfaced noting the couple lost their bid on the team after six months of trying.

The couple was looking to get the team from the Wilpon family but reportedly backed off this past Friday. Lopez issued a statement on her and A-Rod backing off of acquiring the team, saying, “Alex and I are so disappointed. 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. We still haven’t given up!!"

The ownership group put together by Rodriguez and Lopez issued a statement, saying, “The consortium led by Alex Rodriguez and Jennifer Lopez has informed the Mets that they are no longer pursuing the acquisition of the team. 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."

source: ABC 7 NY

Original 04/21/2020 9:41am:

According to Variety, Jennifer Lopez and Alex Rodriguez are taking big steps to buy the New York Mets by retaining JPMorgan Chase to raise capital for a possible bid. A source close to the situation revealed that the superstar couple is working with managing director Eric Menell, the bank’s co-head of North American media investment banking. 

To give an idea of how much it will take for J.Lo and A-Rod to buy the Mets, the Wilpon family, who owns the team, were in talks to sell up to 80% of the Mets to hedge fund titan Steve Cohen in December 2019. While the deal fell through after Cohen sought to amend the terms, it was revealed that the team was valued at $2.6 billion. This would mean J.Lo and A-Rod would need wealthy partners to pull off the deal, as their combined net worth is a reported $700 million.

More details to come.

Source: Variety