Report: Mets Bids 'Appear Weak, Likely Below $2B'; Wilpons 'Unlikely to Sell'

Bids for the New York Mets, who sold for a valuation of $2.6 billion to Steve Cohen before the deal fell through earlier this year, have reportedly dropped below the $2 billion mark.

Charles Gasparino of Fox Business reported the first round of bidding has been "weak," and it's unlikely the Wilpon family will sell at the price points currently being offered. Bidders have until July 9 to submit their first proposal for the franchise.

The Wilpon family had a deal in place to sell the Mets to Cohen, who would overtake the franchise over a period of years. Cohen pulled out in February after the Wilpons attempted to make last-minute alterations to their agreement.

Cohen is not believed to be part of the first round of bidding. It's likely additional bids will be taken over the course of the year until the Wilpon family receives a price it's satisfied with. 

Thornton McEnery and Josh Kosman of the New York Post reported the Wilpons "need" to sell the Mets by the end of 2020. The family is reportedly looking to find a buyer by Oct. 1 in order to close the deal by 2021. The Mets could lose up to $200 million this season due to the coronavirus pandemic.

Buyers have apparently adjusted their prices to the pandemic, with Philadelphia 76ers and New Jersey Devils owners Josh Harris and David Blitzer offering $1.4 billion for the franchise. Given the deal's similarities to the one struck with Cohen—the buyers would take on the Mets but not SNY.tv, which generates revenue—it would be a surprise to see them sell at such a low price.

However, it's clear the bidders are banking on a combination of the Wilpons' desperation and the pandemic turning the team into a relative bargain.