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Though the value of this latest deal is unknown, Cohen previously had an offer to buy the team worth $2.6 billion on the table in 2019. That deal ultimately fell apart.
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However, it looks like Fred Wilpon and his son, Jeff, the team's current owners, are willing to renegotiate with Cohen. And they'll likely end up accepting a deal worth less than what Cohen offered last year. The Mets have been losing millions of dollars a season for several years, and the coronavirus pandemic could cause them to lose more than $200 million this year.
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The Wilpons had previously stated they were hoping to sell the team before the end of the year. To do that, they'd likely have to finalize a deal within the next month or so. After all, there's a lot of paperwork and money exchanging hands.
The group bid from J-Lo and A-Rod's team was for $1.7 billion. The couple was putting up $300 million of their own money as part of the offer.
The singer shared a statement on Instagram, saying she and Rodriguez were "so disappointed." Lopez noted they would have been the first minority couple to own a professional sports franchise.
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We'll see how much Cohen is willing to offer. And with their backs against the wall, the Wilpons may have to accept less than they'd like.