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.

The app’s availability in the U.S. has been thrown into jeopardy over data privacy and national security concerns.

Entrepreneur and former Los Angeles Dodgers owner Frank McCourt's Project Liberty and its consortium of partners in The People's Bid said on Thursday they proposed to make a formal bid to ByteDance to buy TikTok's U.

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

An organization founded by billionaire Frank McCourt, the former owner of the Los Angeles Dodgers, and its partners on Thursday said they made a formal bid to acquire the U.S. assets of TikTok as the popular social media platform faces a possible nationwide ban later this month.

Frank McCourt’s Project Liberty consortium has proposed to buy TikTok’s US assets, securing financial backing for the deal.

As TikTok inches closer to a ban in the US, billionaire Frank McCourt's non-profit organization - 'Project Liberty,' along with a group called

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.

Soccer team owner Frank McCourt and "Shark Tank" personality Kevin O'Leary are leading a bid to buy TikTok from Chinese parent Bytedance.