With the future of TikTok’s ownership hanging in the balance, two uber-rich, politically connected investors are lying in wait, hoping to snag the app if it’s ultimately put on the market.

Project Liberty, an internet advocacy group led by Frank McCourt, declared on Thursday that it had offered to purchase the social networking platform from ByteDance, a Chinese technology company. TakeAway Points: An offer has been made by Project Liberty to purchase TikTok from ByteDance prior to its prohibition9.

A group formed by billionaire entrepreneur and former Los Angeles Dodgers owner Frank McCourt has made a formal offer to buy TikTok from its China-based parent company, ByteDance.

Billionaire Frank McCourt, the former owner of the Los Angeles Dodgers, said he is leading a group of backers to make a bid for the video social media site TikTok just days before a deadline the Chine

The internet advocacy group’s proposed purchase would bring TikTok under American ownership and prevent it from being banned in the U.S.

As the deadline for a potential US TikTok ban approaches, businessman Frank McCourt’s Project Liberty has made a bold move. Just days before the Supreme Court hears arguments on the ban, McCourt’s internet advocacy nonprofit submitted a proposal to purchase the popular social media platform from its Chinese owner,