Alex Rodriguez’s $1.5 billion deal to buy the NBA‘s Minnesota Timberwolves is reportedly in jeopardy because the baseball legend is struggling to fund his second payment without his ex-fiancée Jennifer Lopez by his side.
‘His ability to raise capital went from strong to meaningfully weaker,’ one source, who is reportedly close to Rodriguez, told the New York Post. ‘J.Lo validated him.’
Rodriguez, 47, and Lopez, 53, began dating in 2017, announced their engagement in 2019, and split in 2021. Shortly after his breakup, Rodriguez and co-investor Marc Lore submitted a $250 million down payment to long-time Timberwolves owner Glen Taylor, giving the pair the option to purchase additional 20-percent stakes in 2022 and 2023 to become co-majority owners.
Now, the Post reports, Rodriguez is struggling to come up with the second payment, which could cost him a supervising role with the team or a shot at the owner’s box altogether.
‘Alex and Marc were supposed to be 50/50,’ an NBA source told the Post. ‘Alex couldn’t come up with his half.’
Owners of the Minnesota Timberwolves, Glen Taylor, Becky Mulvihill, Marc Lore, and Alex Rodriguez attend the game against the Memphis Grizzlies during Round 1 Game 5 of the NBA Playoffs on April 26
Rodriguez, 47, and Lopez, 53, began dating in 2017, announced their engagement in 2019, and split in 2021. Shortly after his breakup, Rodriguez and co-investor Marc Lore submitted a $250 million down payment to long-time Timberwolves owner Glen Taylor, giving the pair the option to purchase additional 20-percent stakes in 2022 and 2023 to become co-majority owners. A-Rod is now dating Kathryn Padgett (pictured near left)
Rodriguez has around $500 million in assets, little of which is believed to be liquid, sources told the Post.
That, however, wasn’t seen as a problem when Rodriguez and Lore were first agreeing on a payment structure to buy the team from Taylor. At that time, before Rodriguez and Lopez split in 2021, the ESPN baseball analyst would reportedly meet with investors at the couple’s mansions in Bel-Air and the Hamptons.
‘Marc got completely mesmerized by the J. Lo thing,’ one source, who reportedly knows Rodriguez and Lore, told the Post.
‘You always took your A-Rod meeting with J.Lo,’ said another source. ‘She is coming in and out of the room with workout clothes.’
Lore remained supportive of Rodriguez when speaking to the Post on Monday.
‘I couldn’t imagine having a better partner,’ Lore said. ‘He is one of my best friends. There is no one else I would rather be partners with than Alex.’
A spokesman for Rodriguez rejected the article, telling DailyMail.com that the Post’s article is untrue.
Team spokespeople did not immediately respond to DailyMail.com’s request for comment.
One source told the Post that they ‘wouldn’t be surprised if A-Rod becomes a subservient No. 2 to Lore,’ who would end up controlling a majority stake of the Timberwolves.
Another possibility is that Taylor gets to void the sale entirely to strike a new deal – and push the sale price to $2 billion, according to the Post.
The April agreement called for Taylor to keep control of the club for the next two years, while Rodriguez and Lore begin as minority partners before taking over full control in 2023.
Rodriguez is best known for his baseball career, having hit 696 home runs over his career over 22 seasons with the Seattle Mariners, Texas Rangers, and New York Yankees. The former shortstop and third baseman earned over $455 million in salary as a player, but is heavily invested in other industries, including real estate.
Lore, a tech entrepreneur, developed several popular websites which he sold to Walmart before become the retailer’s president and CEO from 2016 until earlier this year.