New on Sports Illustrated: Report: A-Rod, J-Lo Back Out of Potential Mets Ownership

The group reportedly made an offer of $1.7 billion in July. The Mets were tabbed as the sixth-most valuable MLB franchise, according to Forbes.

The group led by Alex Rodriguez and Jennifer Lopez has pulled out of their potential bid to acquire the New York Mets,

according to Action Network's Darren Rovell.

“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," Rovell said. "The consortium said that they are disappointed to not be part 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.”

The group had reportedly advanced to the second round of bidding in July, according to Sportico. Their bid was reported to be for $1.7 billion, according to ESPN.

The Mets announced in December 2019 that owners Fred and Jeff Wilpon were looking to sell a majority of the team, which they have controlled since 2002. At the time, the Wilpons were in negotiations to sell up to 80% of the team to Cohen. However, the deal fell through in February when Cohen wanted immediate control of the franchise, while the Wilpon family wanted to remain with the Mets for five years.

The Mets were valued at $2.4 billion in Forbes' annual sports franchise valuations, representing the sixth-most valuable MLB franchise.  The Wilpon group acquired the team for $392 million.