Jennifer Lopez, Alex Rodriguez have until August 31 to submit MEGA offer to buy Mets

Former New York Yankees star Alex Rodriquez and fiancee Jennifer Lopez are reportedly running out of time in their bid to purchase Major League Baseball franchise, New York Mets. According to Sportico, Allen & Co, the entity which is overseeing the sale of the Mets, has notified a deadline of August 31 to interested buyers to submit their final bids. The publication further reports that along with their bids, interested buyers must submit each group's source of financing and the list of members in the respective groups. 

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MLB news: JLo and A-Rod have until August 31 to submit bid to acquire the Mets

As per reports, Alex Rodriquez and Jennifer Lopez have teamed up with Florida Panthers owner Vinnie Viola and Vitaminwater Co-founder Mike Repole to finance the acquisition of the Mets. Hedge fund manager, Steven Cohen, who is already a minority owner of the Mets, is also in contention to acquire the majority share from current owners Fred & Jeff Wilpon and Saul Katz. A third group led by Philadelphia 76ers owner Josh Harris is in the bidding war to buy the Mets.

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The process of the sale of the New York Mets began in December 2019 when Cohen agreed to a deal to purchase the team for a reported $2.6 billion. However, the deal failed to materialise as negotiations broke down between both parties. As of now, Cohen appears the favourite to become the majority owner of the franchise.

Valued at $2.4 billion by Forbes, the initial bids for the Mets were reportedly in the range of $2 billion. Cohen had the highest bid at $2 billion and an additional $2 billion to purchase SportsNet New York (SNY). The group led by Alex Rodriquez and Jennifer Lopez made a bid of around $1.7 billion. It remains unclear how much Josh Harris and co bid to acquire the Mets. However, it is expected to be in the same ballpark as the other two bids. 

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Although unverified, per Celebrity Net Worth, Alex Rodriguez's net worth figure is estimated to be around $350 million. Meanwhile, Variety claims that Alex Rodriguez and Jennifer Lopez have a combined net worth of about $700 million. It remains to be seen if the power couple can outbid hedge fund titan Steven Cohen to buy the majority share in the Mets. 

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(Image Credits: AP)