Engaged couple Alex Rodriguez and Jennifer Lopez have both been incredibly successful in their chosen fields. Speculation now points to them moving beyond their romantic union to become business partners. The couple is reportedly looking to buy a pro sports team. One report even says New England Patriots‘ owner Robert Kraft is assisting them.
So which team are they possibly buying and what role does Kraft have in the process?
How long has Robert Kraft owned an NFL team?
Before looking at Lopez and Rodriguez as entrepreneurs, here’s a little info on Kraft’s business background. Before buying the Patriots, CNN reported that Kraft made his money in the paper industry. He now operates the Kraft Group. The company’s interests include his sports and entertainment ventures, paper and packaging, real estate, and private equity.
Kraft purchased the team in 1994. The prior owner planned to move the team to St. Louis. Kraft swept in to keep the team in New England. They hadn’t been very successful before his arrival, appearing in only one Super Bowl with a history of mediocrity. Kraft bought the team for a then-record amount of $172 million. The team is now worth a reported $3.7 billion and has appeared in nine Super Bowls since Kraft’s arrival, winning it six times.
Say what you want about Bill Belichick, Tom Brady, and the other great players and coaches responsible for New England’s success. There’s no denying that NFL teams can’t win without talent and leadership. But Kraft is responsible for creating the culture that’s enabled these championships. He hired the right people (i.e. Belichick) and gotten out of their way. He’s not a micro-manager, and the team’s been better off for it.
Alex Rodriguez and Jennifer Lopez’s business endeavors
According to CNBC, Rodriguez once stated he’d rather appear on the cover of Forbes than Sports Illustrated. Aside from his monstrous baseball contracts and endorsement deals, he’s also an avid investor. He invests in multiple start-up companies as well as real estate. In recent years, he’s even appeared alongside other famous investors as a panelist on the popular ABC show Shark Tank.
Along with being an international music and movie star, Lopez is also an accomplished investor with a diversified portfolio. Forbes reported that besides investing in successful startups, she’s also supported fitness facilities, an Esports franchise, and multiple real estate ventures.
Is Kraft helping Rodriguez and Lopez buy an MLB team?
Lopez and Rodriguez are reportedly part of a group looking to buy the New York Mets. According to Yahoo Sports, the duo recently flew along with other members of their potential ownership group to Massachusetts to meet with Kraft. The New York Post reported that they sought to discuss stadium operations.
Kraft provided a tour of Gillette Stadium, the Patriots’ home field, as well as Patriot Place, the adjacent entertainment and hospitality complex built to keep fans spending money before and after Pats’ games.
Reportedly, Lopez and Rodriguez want to do something similar to the surrounding Willets Point area around Citi Field in Queens. The NY Post report was vague on Kraft’s involvement other than to say a “partnership” for stadium operations support was discussed and Kraft wasn’t joining the ownership group.
Regardless of Kraft’s role in the plan, he’s a valuable person to have on their side. He understands how to successfully run a franchise not just from a football perspective. Kraft has revolutionized the way New England fans experience Pats games with an entertainment experience centered around the team. Whether it’s a formal partnership or advisement, any insight Kraft can give Lopez and Rodriguez will go a long way.