Alex Rodriguez is struggling to come up with his share of the money to buy the Timberwolves, according to business writer Josh Kosman of The New York Post.
Rodriguez and Marc Lore were originally supposed to be equal partners in the $1.5 billion purchase, which included a $250MM down payment made in July of 2021. However, three sources tell Kosman that Rodriguez wasn’t able to pay 50% of that cost and Lore had to cover the balance. That leaves Lore with about a 13% share of the team, while Rodriguez is at 7%.
Under the purchase agreement, the prospective owners are required to make their next 20% payment by the end of the year. Kosman’s sources said Rodriguez continues to have difficulty raising his share, and Lore may eventually become the team’s majority owner. “I wouldn’t be surprised if A-Rod becomes a subservient No. 2 to Lore,” one of the sources said.
Lore refused to confirm or deny the report, telling Kosman that he and Rodriguez still work together on all their decisions.
“I couldn’t imagine having a better partner. He is one of my best friends,” Lore said. “There is no one else I would rather be partners with than Alex.”
A source familiar with both investors said Lore teamed up with Rodriguez in a failed attempt to buy the New York Mets in 2020 because he was “completely mesmerized” by Jennifer Lopez, whom Rodriguez was engaged to at the time. The star quality of Lopez created a lot of financial opportunities for Rodriguez, but those have disappeared since their breakup last year.
“His ability to raise capital went from strong to meaningfully weaker,” one of Kosman’s sources said. “J.Lo validated him.”
Rodriguez is reportedly worth about $500MM, but sources say most of his assets aren’t liquid and can’t be easily transferred to cash that could be used to buy the Wolves. Kosman notes that NBA rules won’t allow Rodriguez to become a partial owner unless he can cover at least 15% of the total purchase price without help from co-investors. That figure would be nearly $200MM with the team’s debt factored in.
If Rodriguez and Lore make their next payment on time, they’ll have the opportunity to buy an additional 40% from current owner Glen Taylor and take over control of the team by the end of next year. But a league source tells Kosman that Taylor won’t be disappointed if the current arrangement falls through because he believes the franchise is now worth more than $2 billion and he can make more by selling it to someone else.
classic NY Post… Limbaugh would be proud
What part of the story is wrong specifically? If you’re so smart in attacking the paper, what facts do you dispute here? I’ll wait
It’s a story that is 100% based on speculation and you’re asking me which ‘facts’ to dispute? There are none. It’s a speculative article. The very first sentence claims that the deal ‘appears to be in jeopardy’ and ‘some insiders’ think his breakup with J Lo is to blame. Which part of this rock-solid bit of journalism would you like me to refute?
Gotta be a heck of a reality slap when the world tells you that you’re not worth as much now because you broke up with a famous woman…
Don’t worry Arod, I blame the fed as well!!!
What the hell has Arod been doing with his money!? He made $500 mil in salaries and endorsements alone, and that’s just during his playing days. With smart investing he should be worth close to a billion by now, if not more.
Right, but he owns real estate or has money locked up on some other investments where he can’t transfer the value easily. Just so you know, that’s what “most of his assets aren’t liquid” means. ;)
Learn to read mate. I said he should have a much higher net worth he currently has. Never said anything about how much liquid cash he is or where it’s invested. He should have a net worth over a billion by now.
Are you disrespectful to all your mates or just me. I know how to read, but I didn’t study your comment. I was trying to be helpful in case there was confusion on liquidity. Good luck “mate”
You’re right man. I apologize.
You do realize he lost quite a bit of that to taxes. It ain’t “free” to live the lifestyles of the rich and famous, so he spent money as well. He ain’t broke. He just didn’t have $200 million in straight cash laying around. Anybody with assets is down bad right now from where they were. Stocks, Real Estate, Gold, Crypto …. Everything down bad.
One of the quickest ways to destroy a friendship is money. Loaned, borrowed, owed, shorted, whatever.
Didn’t expect any better of this loser.
Did not expect this comment section on a story about the sale of the Wolves lol
worth $500 mil and still cant buy a personality
He lost dough on SPACs
That’s gotta be quite the shot to his ego that J Lo was the reason for the majority of his earning power.
As long as JLo is shaking her behind she’ll be the bread winner in any relationship.
Your a year and a half late here Fitz.
That’s what you get for going into business with A-Roid.
Steroids can’t help you now.
You know why JLo left Aroid ?????
The effects of it are a small rooster ….
All hype don’t know shhh about ball.
There’s nobody he’d rather be partners with?
Really?
Not even someone that doesn’t struggle to make their payments?
Steve Cohen where art thou?