Alex Rodriguez and Jennifer Lopez’s pursuit of the New York Mets gets a little hotter after completing a deal with the Kraft family.
Thornton McEnery of the New York Post is reporting that Alex Rodriguez and Jennifer Lopez have to come to deal with the Kraft family regarding development rights. The deal hinges on J-Rod purchasing the New York Mets.
As part of the New York Mets’ sale, the new ownership group will acquire Citi Field and the accompanying rights to develop the coveted Willets Point land. J-Rod plan to make that land a huge part of their plan for the team’s future.
It’s long been known that a huge part of J-Rod’s plan for the Mets is to turn Citi Field into a cultural destination. They want it to rival Madison Square Garden. It’s not in any shape to do that as it is though. So, they’ve turned to the Krafts to make their plan come to reality.
Robert Kraft and his son, Jonathan Kraft, owners of the New England Patriots, have done similar work with Gillette Stadium. The Kraft’s own an entertainment complex that hosts movie theaters, hotels, restaurants, and a number of entertainment destinations.
After a five-hour meeting to hammer out the details, J-Rod have agreed to give the Kraft family rights to develop the Willets Point land. It’s not clear how much the Krafts would pay to develop the land or how much of a cut of the profits they’d get from future use.
What is clear is that the Kraft family is not a part of J-Rod’s bid to purchase the Mets. This deal is strictly to develop the land should J-Rod’s bid ultimately be successful.
McEnery also mentions that Chase Bank’s Mary Callahan Erdoes was part of the meeting. According to McEnery, Erdoes’ inclusion in the meeting is a sign that Chase Bank is fully behind J-Rod’s bid.
It’s possible that J-Rod are looking to out plan Steve Cohen in their hopes of winning the bidding war. They could be hoping to wow MLB and the other owners by putting together a comprehensive plan that’s already in motion for how they plan to make Citi Field, and the Mets by proxy, more valuable.
Cohen is still likely to be the highest bidder. It could come down to immediate value versus future plans. It’s impossible to say which MLB will value more in the era of COVID-19.