Jennifer Lopez and Alex Rodriguez will not be Major League Baseball owners anytime in the immediate future.
The couple said on Friday that they were withdrawing from the running to purchase the New York Mets. As 247 Sports reported, hedge fund manager Steve Cohen appears to be in the final stages of negotiations and is expected to reach a deal with the Mets’ current owners in the coming days, leading Lopez and Rodriguez to back out.
Fox Sports reporter Ken Rosenthal noted on Twitter — in a tweet seen here — that Rodriguez released a statement through CNBC’s David Faber that they had made a competitive offer with the backing of several others that fell through, but wished the franchise and its current ownership well.
“The consortium, which included Vincent Viola, Mike Repole, and Marc Lore had submitted a fully funded offer at a record price for the team which was supported by binding debt commitments from JP Morgan and equity commitment letters from credit worthy partners,” the statement read. “The consortium said that they are disappointed to not be apart 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.”
Lopez released her own statement on Twitter, saying that she and Rodriguez were “so disappointed” after spending the last six months putting together the bid. She added that they had dreamed of becoming the first minority couple to own a franchise and “the first woman owner to buy her father’s favorite Major League Baseball team with her own hard earned money.”
It was not clear how close Lopez and Rodriguez may have been in the running to purchase the team. Cohen had been close to finalizing a deal earlier this year, but it fell through in the final stages of negotiation. As SNY reported at the time, Cohen said he was disappointed but planned to continue in his attempt to buy the Mets and would be coming with a higher bid.
As The Inquisitr reported, Rodriguez and Lopez mounted an attempt earlier this year but failed. They regrouped and submitted a new bid with the backing of JPMorgan Chase bankers. The couple had an estimated net worth of $700 million, though it was not clear how much additional backing they had in buying the Mets. As the report noted, the franchise had been valued at an estimated $2.4 billion, the sixth most valuable franchise in the league.