Alex Rodriguez fell short of buying the Mets. He apparently wants to buy the Marlins, but they are not for sale. And now the former Yankees star and ESPN/FOX analyst’s ongoing deal to be a part-owner of the Timberwolves with billionaire tycoon Marc Lore is reportedly on shaky ground — in part because he is no longer engaged to Jennifer Lopez.
Alex Rodriguez’s pact with an e-commerce tycoon to buy the Minnesota Timberwolves for $1.5 billion appears to be in jeopardy — and some insiders claim his breakup with Jennifer Lopez is at least partly to blame.
A-Rod and Lore were supposed to be equal partners when they made a $250 million down payment in July 2021 — a cash investment that, coupled with the assumption of a chunk of debt on the team, amounted to a 20% stake, according to sources close to the situation.
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. As a result, Lore now has a roughly 13% share in the Timberwolves while A-Rod has amassed a mere 7%.
Now, terms of the deal require A-Rod and Lore to make the next 20% payment by year’s end, and A-Rod is scrambling to raise his half in addition to the cash he needs for the down payment, the three sources confirmed.
Rodriguez has to foot the bill for 15% of the team on his own — said to be about $200 million when factoring in debt — for the NBA to officially sanction him as an owner. And he is believed to be worth around $500 million himself, according to The Post. So he has the money. But his wealth is not terribly liquid by all accounts. And apparently he is having a hard time finding other business partners to float him without Lopez by his side.
“You always took your A-Rod meeting with J.Lo. She is coming in and out of the room with workout clothes,” a source said in two of the greatest sentences in Post history.
As long as some combination of Lore and Rodriguez put another 20% down by the end of the year, they can buy 40% more in 2023 from current Timberwolves owner Glen Taylor.
You would assume Lore will not let an NBA team that can clearly be his get away, regardless of whether Rodriguez gets to be a real owner or not. And it doesn’t seem like Lore has interest in dumping Rodriguez. So all is well for now. But Rodriguez may need to start looking under the couch cushions for some coins if he wants to be a real owner and not just a limited partner like so many other rich, but not rich enough, people.
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James Kratch can be reached at [email protected]