Will Jennifer Lopez Breakup Kill Alex Rodriguez’s $1.5B Timberwolves Deal?
The former Yankees slugger teamed up with e-commerce mogul Marc Lore to reach a deal for the NBA franchise last year
According to The New York Post, J.Lo breaking up with A-Rod and making J-Rod a thing of the past could have an impact on the NBA’s T-Wolves.
Per The Post, the $1.5 billion deal that former MLB slugger Alex Rodriguez and e-commerce billionaire Marc Lore reached to purchase the Minnesota Timberwolves and Minnesota Lynx from majority owner Glen Taylor in April of 2021 could be in jeopardy. A-Rod is reportedly having difficulty living up to his end of the bargain, at least partially because the retired major leaguer “wasn’t well prepared” for his breakup with Jennifer Lopez “from a financial standpoint,” sources told The Post.
“We look forward to entering this phase of the process with Glen Taylor,” Rodriguez and Lore said in a joint statement in 2021. “Our respect for him and the legacy he has built lays an amazing foundation for what is to come. We are excited by the prospect of getting to know the Timberwolves organization.”
The reported situation is a bit convoluted, but essentially Rodriguez and Lore were meant to be equal partners when they made an initial payment of $250 million in July 2021 to Taylor to take what is approximately a 20% stake in the Minnesota franchises. At the time, Rodriguez couldn’t come up with his entire share, leaving Lore to foot well more than 50% of the payment. With another 20% payment due by year’s end, Rodriguez — who might be worth $500 million with the majority of that amount locked up in non-liquid assets — is scrambling for cash, per Post sources.
Prior to his breakup with Lopez, Rodriguez would make sure she was at meetings with prospective investors and present business ventures as if J-Rod was a financial team. Now that is no longer the case.
“His ability to raise capital went from strong to meaningfully weaker,” a source told The Post. “J.Lo validated him.”
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