PE billionaires eye New York Mets acquisition

Josh Harris and David Blitzer have emerged as suitors for the New York Mets, according to Variety, setting the stage for a potential takeover that would give the two private equity tycoons control of teams in three of the four biggest sports leagues in the US. Harris, who is a co-founder of Apollo Global Management, and Blitzer, the head of tactical opportunities at Blackstone, already own the Philadelphia 76ers and the New Jersey Devils.

The Wilpon family, which has owned 100% of the Mets franchise since 2002, was reportedly in negotiations to sell an 80% stake last year to hedge fund star Steve Cohen, but talks fell through. MLB players and owners are currently locked in contentious negotiations about how and when the league will return to play after action was halted two-plus months ago because of the coronavirus pandemic.

Wall Street’s interest in professional sports has been heating up in recent weeks. Dyal Capital Partners is attempting to raise $2 billion for a unique new fund that will buy stakes in multiple NBA teams, Bloomberg reported last month, while a firm called Arctos Sports Partners is raising a fund to buy stakes in teams across multiple pro leagues.

Source: Pitchbook