It appears Alex Rodriguez’s $1.5 billion bid to become co-minority owner of the Minnesota Timberwolves is in jeopardy, and his breakup with Jennifer Lopez isn’t helping matters.
The former New York Yankees slugger joined up with e-commerce tycoon Marc Lore to purchase the Timberwolves in April 2021. According to The New York Post’s Josh Kosman, Rodriguez and Lore were supposed to be equal partners when they made a $250 million down payment in July 2021. The cash investment, coupled with the assumption of a chunk of debt on the team, amounted to a 20% stake.
“However, A-Rod at the time had failed to come up with his full share, leaving Lore to cover the balance, three sources close to the situation said,” Kosman wrote Tuesday. “As a result, Lore now has a roughly 13% share in the Timberwolves while A-Rod has amassed a mere 7%.”
An NBA source told Kosman the partnership was meant to be “50/50.”
Lore was the founder of Diapers.com and sold his grocery startup, Jet.com, to Walmart in 2016 for $3.3 billion.
Rodriguez and Lore have to make the next 20% payment by the end of 2022, and A-Rod is reportedly “scrambling” to raise his half, in addition to the cash he needs for the down payment.
“I wouldn’t be surprised if A-Rod becomes a subservient No. 2 to Lore,” a source told Kosman, who predicted Lore might end up buying more than half and control the team.
Lore spoke to Kosman on Monday and assured he and Rodriguez are still partners.
“I couldn’t imagine having a better partner,” Lore told The New York Post. “He is one of my best friends. There is no one else I would rather be partners with than Alex.”
Lore and Rodriguez had attempted to buy the New York Mets in 2020, but lost the auction process to hedge-fund billionaire Steve Cohen, who bought the team in 2020 for $2.4 billion.
At the time A-Rod was dating Jennifer Lopez, who would join Rodriguez in meetings. The two stars dated in 2017 and were engaged in 2019. However, the engagement was called off in 2021, and Lopez started dating Ben Affleck. The two married in July of this year.
While Rodriguez publicly supported the return of “Bennifer,” he reportedly wasn’t financially ready to be without Lopez.
“His ability to raise capital went from strong to meaningfully weaker,” a source who knows A-Rod well told The New York Post. “J.Lo validated him.”
Kosman also noted Rodriguez’s financial status:
On his own, A-Rod might be worth $500 million, but little of it is believed to be liquid, sources said. He owns part of a real estate portfolio with $1 billion in tens of thousands of apartments and homes, including some properties in the Minneapolis area, sources said.
Sources also told The New York Post the lack of Lopez at Rodriguez’s side loses him a person to charm co-investors.
The key thing for A-Rod is he needs to come up with enough money to satisfy his business partner and maintain equal control of the Timberwolves.