Investment company leader C.K. McWhorter has backed out of his bid for ownership of the New York Mets — a pursuit that Major League Baseball apparently never even recognized.
Following extensive research by amNewYork Metro over the past week, a source with extremely close knowledge of McWhorter’s camp — which apparently included two other private investors — disclosed that the 30-year-old CEO of CTRL USA, a private investment company, has opted out of a pursuit of Mets ownership before submitting a preparing bid.
Initially, amNewYork Metro received multiple, viable tips that McWhorter’s group was preparing a $1.8 billion bid for the team, which would have rivaled that of Alex Rodriguez and Jennifer Lopez’s group and was just $200 million off of the price set by hedge fund billionaire Steve Cohen.
Given the lack of public information available about McWhorter, skepticism emerged over his reported interest, prompting a source close to his camp to try and provide some clarification:
“His preparing bid is as real as the need for African American professional sports ownership. Not only is it great for business purposes and bottom lines by bringing a much-needed demographic consumer expansion, but it is also great for the showcasing of unity and inclusion in a sport that has been America’s Pastime for so long,” the source told amNewYork Metro. “He is excited to be in such an unprecedented position even if only to showcase the extraordinary possibilities of a much-needed new narrative of African American professional sports team ownership.”
But an additional source with direct knowledge of the Mets’ sale told amNewYork Metro on Wednesday night that Major League Baseball and Allen & Co. — the investment bank that is leading the sale of the team — did not receive anything from McWhorter or his group.
Earlier this month, McWhorter publically made his desire to own a professional sports franchise known, but now we know for certain it won’t be in Queens.
Three known parties have reportedly advanced to the second round of the Mets’ ownership process after initial bids were submitted last week.
Cohen is perceived to be the favorite with a $2 billion bid while Lopez and Rodriguez’s group have put forth anywhere between $1.7 billion and $2 billion, per reports.
The group of Josh Harris and David Blitzer looked as though it was going to receive a sizable financial boost to its ranks by recruiting casino mogul Sheldon Adelson and private equity firm Silver Lake. However, those initial reports were quickly denied.