Alex Rodriguez and Jennifer Lopez’s up-and-down bid to purchase the New York Mets seems to be coming to a close. Only two bidders remain.
Reporting started early on Sunday when Fox Business’ Charles Gasparino reported that J-Rod’s bid was on life support. The couple just doesn’t have the money to compete with Steve Cohen and Harris and Blitzer. However, he wouldn’t close the book on them yet.
Repole/Viola bidder willing to put up multiple hundreds of millions of dollars in CASH. But if this is Cohen v H&B, big question whether H&B will seek to outbid Cohen and his $2b valued offer for the team. H&B have said i the past they wouldnt but that doesnt mean they wont. ALSO
— Charles Gasparino (@CGasparino) July 19, 2020
Hours later former Huffington Post contributor Laura Goldman reported that J-Rod has dropped out of the bidding completely.
It's been confirmed by SNY that A-Rod has dropped out of the bidding. In a bidding war between Cohen and Harris/Blitzer, sources suggest Cohen is ready to write a big enough check to win the #Mets
— Laura Goldman (@laurasgoldman) July 19, 2020
This news doesn’t come as a major surprise. J-Rod’s bid had become a media circus in the past week. Adding former and current professional athletes, calling for a salary cap, and publicly attacking Steve Cohen. It had become too much.
It was clear the bid was on its last legs when J-Rod began to take things public. The process had been mostly private for months, but J-Rod began giving interviews, leaking names joining their bid, and putting out hit pieces in the past week.
When tactics change that drastically it’s clear something has changed. It turns out that J-Rod simply didn’t have the financial backing to keep up with Steve Cohen or Harris and Blitzer.
This isn’t the first time a lack of finances has put an end to J-Rod’s bid. At the beginning of May, J-Rod ended their bid to purchase the Mets due to a lack of financial backing. They would renew efforts three weeks later, but it seems they’ve come up short again.
Only Steve Cohen and Harris and Blitzer remain involved in the bidding. There’s no telling how much longer the bidding will last, but Cohen is the perceived favorite.
Charles Gasparino is reporting that J-Rod is not pulling out of the bidding despite their weaker bid. They plan to see their bid to the end.
BREAKING: @AROD HAS NOT pulled out of @Mets bidding, said a person w direct knowledge of matter associated w bidding team. Arod's bid is said not to be as strong as Steve Cohen's or Harris Blitzer but this person said "we are moving forward; we are in the ballpark of these bids."
— Charles Gasparino (@CGasparino) July 20, 2020
This doesn’t change the fact that J-Rod’s bid is on life support. Without an infusion of cash it’s unlikely the power couple will be able to contend with Cohen and the Harris and Blitzer. That alone effectively knocks it down to two bidders.
That could change if J-Rod add another backer at this late stage, but that seems unlikely for the time being.