The current competing bidder is James L. Dolan, the owner of Cablevision and executive chairman of Madison Square Garden, but Catsimatidis reportedly submitted the higher bid.
That would make sense, considering that Dolan’s initial bid was $1, according to The New York Post.
The paper’s current owner, Mortimer B. Zuckerman, hopes to sell for somewhere between $150 million and $200 million.
Both men have been “widely considered” the most likely buyers of the paper ever since Zuckerman announced last month that he was considering the sale.
The winner will need to address the paper’s dwindling circulation and revenue losses, which are in the millions. Further details of the potential deal have not been released.