U.S. billionaire and former owner of Major League Baseball's Los Angeles Dodgers Frank McCourt, his Project Liberty and its consortium of partners in The People's Bid said on Thursday they have submitted a proposal to Chinese company ByteDance to acquire TikTok's U.S. assets.

By keeping the platform alive and avoiding a ban without relying on the current TikTok algorithm, millions of Americans can continue to enjoy the platform, McCourt said in a statement.

They look forward to working with ByteDance, U.S. President-elect Donald Trump, and the incoming administration to finalize the deal. The consortium did not disclose the value of the offer.

Project Liberty plans to migrate TikTok's user base to a U.S.-built digital infrastructure designed to put people back in control of their data and relationships.

Under a law signed by U.S. President Joe Biden in April last year, ByteDance must sell the platform by a Jan. 19 deadline or be banned.