New York Mets sale sets Aug. 31 deadline for final bids: Report
Three groups have emerged as finalists to buy the embattled franchise.
The bidding war to buy MLB’s New York Mets appears to be entering its final stages.
The Mets’ current ownership have set an Aug. 31 deadline for the various groups bidding to buy the franchise to submit their best and final offers, Sportico reported on Tuesday. Allen & Co., the firm overseeing the Mets’ sale process, informed bidders about the deadline by email.
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Three groups have emerged as finalists to buy the embattled franchise. Billionaire Steve Cohen, a hedge fund magnate with a personal net worth of $14 billion, is considered the frontrunner.
Cohen submitted a bid of roughly $2 billion to buy the Mets and another $2 billion to buy SportsNet New York, the team’s profitable regional sports network, FOX Business Network senior correspondent Charlie Gasparino reported last month. The Mets reportedly informed bidders that SNY is not for sale.
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Another group is led by private equity titans Josh Harris and David Blitzer, best known as the founders of Harris Blitzer Sports & Entertainment. The firm’s properties include the NHL’s New Jersey Devils and NBA’s Philadelphia 76ers.
A third group features a consortium of would-be owners that includes BodyArmor founder Mike Repole, Florida Panthers Vincent Viola, former MLB slugger Alex Rodriguez and entertainment star Jennifer Lopez.
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Cohen reached an agreement in principle to buy an 80 percent stake in the Mets at a $2.6 billion valuation last year. However, that deal fell apart after Cohen balked at the deal’s succession terms, which called for a five-year waiting period before the billionaire would become the majority owner.