Former major league star Alex Rodriguez and fiancee Jennifer Lopez have withdrawn from the offer to buy the New York Mets. The Wilpon family is reportedly entering into a deal with billionaire hedge fund manager Steve Cohen.
Rodriguez announced on Friday evening that despite “a fully funded offer at a record price”, her group was withdrawing its offer.
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“The consortium said they are disappointed not to be part of the New York City revitalization and an exciting experience for the fans, and wish the Wilpon family and the entire Mets organization all the best,” the celebrity couple said in one Explanation.
Media reports on Friday night said Cohen had entered final negotiations and is expected to sign a deal with the team in the coming days. The Mets declined to comment.
COHEN OFFERS $ 2 BILLION FOR METS FRANCHISE AND USD 2 BILLION FOR CABLE NETWORK: GASPARINO
Cohen also started negotiations to buy the Mets last year, but the deal fell apart in February. The hedge fund manager bought an 8% limited partner stake in 2012 for $ 40 million. The deal under discussion would have resulted in him acquiring an 80% control stake in a transaction the team valued at $ 2.6 billion, and the Wilpons would have stayed in place for five years.
Rodriguez and Lopez became potential buyers after Cohen’s initial negotiations fell apart.
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“Alex and I are so disappointed !!” wrote Lopez on Twitter. “We have worked so hard for the past 6 months with the dream of becoming the first minority couple and first owner to buy their father’s favorite major league baseball team with their own hard earned cash. We still haven’t given up !! #NYForever