Alex Rodriguez, Jennifer Lopez Likely Out As Mets' Bidders

It appears that Alex Rodriguez and Jennifer Lopez won’t become owners of the New York Mets after the celebrity couple announced they have dropped out of the race to buy the Major League Baseball franchise.

Hedge fund manager Steve Cohen has entered into exclusive negotiations to buy the Mets, CNBC first reported Friday night, effectively ending Rodriguez and Lopez's bid to become the sport’s only minority couple to have a controlling interest in a team.

The consortium led by Rodriguez and Lopez couldn’t compete with Cohen’s wallet, though it has been prepared to pay a record price for an MLB club. The group is believed to have offered $2.3 billion, which would surpass the mark set in 2012 when the Los Angeles Dodgers were sold for $2.15 billion.

Josh Harris and David Blitzer, who own parts of the Philadelphia 76ers and New Jersey Devils, have also been in talks to buy the Mets.

Cohen is worth nearly $15 billion, according to Forbes. The 64-year-old had a tentative agreement to buy the Mets late last year for $2.6 billion, but the deal fell apart because Jeff Wilpon, Mets COO and son of majority owner Fred Wilpon, reportedly wanted to stay in his role with the team for another five years.

The new price tag for the Mets is expected to be less than $2.6 billion, but not by much.

While Cohen is approaching the finish line, there is no guarantee he’s going to cross it. The billionaire has been here before, only to have to start the process all over again.

At least 23 of the MLB team owners must approve the sale before it goes through. Executives in baseball expect a few to veto Cohen’s bid, The New York Post’s Joel Sherman reports. Several owners had been hoping that Harris and Blitzer would win the bid, according to the Post.

Cohen has been the subject of a lawsuit alleging gender and pay discrimination, and he’s been accused of insider trading. It’s possible a second deal with the Mets will fall apart, putting other bidders back in the mix.

Rodriguez, however, comes with his own baggage. It was only seven years ago that the former New York Yankee sued MLB for attempting to destroy his career when he was suspended for using performance-enhancing drugs. Rodriguez eventually dropped the lawsuit, missed the entire 2014 season and has since admitted to using PEDs with the Yankees.

The Mets once pursued Rodriguez and failed, trying to sign him as a free agent after the 2000 season. Two decades later, it’s Rodriguez that is likely to come up short in an attempt to become part of New York’s second baseball team.