A top wealth-management executive played a behind-the-scenes role in an unsuccessful push by Alex Rodriguez and Jennifer Lopez to buy the New York Mets, a bid that unfolded before Steve Cohen acquired the team in 2020. The chief executive of Dynasty Financial Partners, Shirl Penney, worked with the celebrity pair as they assembled investors and explored financing options, according to people familiar with the effort.
The involvement shows how financial advisors are stepping into sports deal-making as franchises command soaring valuations and celebrity buyers seek professional help. It also highlights the rising competition in big-league ownership, where deep-pocketed hedge fund and private equity capital increasingly sets the price.
The Dynasty Financial Partners CEO previously helped Alex Rodriguez and Jennifer Lopez bid for the Mets before Steve Cohen bought the team.
How the Bid Came Together
Rodriguez and Lopez pursued the Mets in 2020, forming a group of strategic and financial backers to meet Major League Baseball’s ownership thresholds. Penney, who leads Dynasty Financial Partners, advised on structuring and investor outreach, according to individuals involved in the talks.
Celebrities have long sought stakes in sports franchises, but few control teams outright. Advisors like Penney add relationship networks, capital-markets knowledge, and governance planning. Those skills can be decisive when bids must clear league vetting, stadium obligations, and long-term capital calls.
Why Wall Street Courts Sports Franchises
Franchise values have climbed for two decades, propelled by media rights, regional sports networks, and global sponsorship deals. Baseball clubs also benefit from real-estate development near stadiums and league revenue sharing, which can smooth cash flows.
Financial firms now treat team stakes as scarce assets with low correlation to public markets. That appeal has invited institutional players into minority positions and fueled a rush to find the next marquee deal. Advisors in wealth management see opportunity in matching high-net-worth clients with these rare assets.
- Record franchise valuations make bids capital-intensive.
- Media and streaming rights drive revenue visibility.
- Leagues have eased paths for institutional minority stakes.
What Steve Cohen’s Purchase Changed
Cohen, a hedge fund founder, ultimately purchased the Mets for a reported multibillion-dollar price, resetting expectations for bidders across Major League Baseball. His acquisition underscored a reality in modern team sales: access to immediate, flexible capital often outweighs otherwise well-crafted consortiums.
For aspiring owners, the lesson is clear. Groups led by celebrities must pair star power with deep financial capacity, sophisticated debt strategies, and contingency plans if valuations escalate in late-stage negotiations. Advisors capable of aligning those elements will remain central to such bids.
A Playbook for Future Team Sales
The Mets episode illustrates a playbook taking shape in U.S. sports transactions. First, assemble credible lead investors with committed funds and clean league backgrounds. Second, shore up financing against market swings and rising valuations. Third, prepare governance frameworks that satisfy league scrutiny and minority partner rights.
Penney’s involvement fits this model, bridging investor networks and the complex compliance demands that come with controlling a major franchise. Even though the bid fell short, the approach mirrors how many modern groups prepare for auctions across MLB, NBA, and NHL teams.
What to Watch Next
As more franchises explore sales or minority stake offerings, expect greater involvement from wealth managers, private funds, and family offices. Media rights renewals and streaming experiments could push values higher, increasing the need for sophisticated financing.
For prospective buyers, the Mets sale remains a case study. Celebrity-led groups can compete if they pair public profile with institutional-grade capital and seasoned advisors. The growing role of firms like Dynasty Financial Partners suggests that sports ownership will continue to intersect with high finance—on terms set by the deepest pockets.
The bottom line: Penney’s work with Rodriguez and Lopez shows how the modern sports deal gets built, even when a bigger bidder wins. Future auctions will likely follow the same script, with more money at stake and more advisors at the table.
