Kevin Mazur/Getty Images Alex Rodriguez and Jennifer Lopez
In a joint statement, Lopez and Rodriguez, who spent 12 seasons playing for the Mets' crosstown rivals the New York Yankees, said that they were "disappointed" to announce that they would no longer be pursuing ownership of the team.
"The consortium said that they are disappointed to not be part of the revitalization of New York City and provide an exhilarating experience for the fans and wish the Wilpon family and the entire Mets organization well," the statement read.
"Alex and I are so disappointed!! We worked so hard the past 6 months with the dream of becoming the first minority couple and the first woman owner to buy her father’s favorite Major League Baseball team with her own hard earned money," Lopez, 51, wrote alongside the statement on Instagram. "We still haven’t given up!!"
The couple's decision to withdraw from the bidding comes amid new reports that Steven Cohen, a billionaire hedge fund manager, is once again in negotiations to acquire the team.
CNBC reported on Friday that Cohen was in the process of finalizing his purchase of the team.
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The Mets are currently owned by real estate developer Fred Wilpon.
In December, the Wilpon family announced plans to sell 80 percent of the team to Cohen, although the deal fell through in February, according to the New York Times. The initial deal fell through over issues related to closing costs, CNBC reported.
It is unclear when he re-entered a bid for the team, which he originally set at around $2.6 billion. It also remains unclear what Cohen's new bid is, though CNBC reports it either meets or exceeds his previous $2.6 billion bid.
Rodriguez and Lopez reportedly offered $2.3 billion for the club.
Earlier this month, the New York Post reported that Lopez and Rodriguez, 45 had retained JPMorgan Chase to raise funds for a potential bid on the team.
In addition to Lopez's connection to the team, ownership would also have been personal for Rodriguez, who almost signed to the team in 2000, although he instead opted to play for the Texas Rangers.