Former MLB superstar Alex Rodriguez is angling to get his hand in the NBA world. After reaching an agreement to buy the Timberwolves for $1.5 billion, with Marc Lore, Alex was seemingly successful in his mission.
But now, according to new sources, there are some doubts that A-Rod actually has the capital to get the deal done.
(via Josh Kosman of the New York Post):
“Alex and Marc were supposed to be 50/50,” an NBA source said. “Alex couldn’t come up with his half. 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.
“I wouldn’t be surprised if A-Rod becomes a subservient No. 2 to Lore,” a source said, predicting that Lore might end up buying more than half and controlling the team.
Lore told The Post without confirming or denying that he owns a bigger stake than A-Rod that the two still make all decisions together.
“I couldn’t imagine having a better partner. He is one of my best friends,” Lore said Monday. “There is no one else I would rather be partners with than Alex.”
Rodriguez was dating Jennifer Lopez for a while before they eventually split, which may be why finding the funds for the sale is proving challenging for the former baseball mega-star.
A-Rod frequently called for meetings with prospective business partners at the power couple’s lavish homes in Bel-Air and the Hamptons — and Lopez was typically on the premises, according to sources close to the situation.
“You always took your A-Rod meeting with J.Lo,” the source said. “She is coming in and out of the room with workout clothes.”
“A-Rod always made it seem like they were investing as a couple,” the source added.
While we don’t yet know A-Rod’s plans for the Timberwolves, there have been whispers he is trying to relocate the team to Seattle. Whatever the case, a change in ownership wouldn’t be terrible for the franchise given its history of failures.
We will see soon enough if Rodriguez is able to find the money to pull off this sale, but it could have pretty major implications for the Wolves and the NBA if he has to back out.
