Did breakup with J. Lo sink A-Rod’s $1.5B Timberwolves deal?

Article content

A breakup can cause many rifts in one’s life.

Article content

Even ones worth $1.5 billion.

Article content

According to some close to the matter, Alex Rodriguez is struggling to raise funds as part of the $1.5 billion deal to by the Minnesota Timberwolves basketball team due to the romantic fallout from his relationship with Jennifer Lopez.

The New York Post reported the ex-Yankees shortstop had teamed up with online retail expert Marc Lore as equal partners to buy the Timberwolves last year.  The two were equal partners initially after shelling out a $250 million down payment last July along with assuming responsibility for some of the team’s debt along with a 20% stake.

Article content

But A-Rod wasn’t able to cough up his half of the share of the financial load, which left Lore to cover the remainder of the balance, NBA sources told the Post. Lore currently has a 13% stake in the Timberwolves while Rodriguez holds 7%.

Article content

Rodriguez is now reportedly working to raise his half of the capital on top of the funds he needs for his portion of the down payment. Lore and Rodriguez need to make the next 20% of the payment by the end of the year.

A source said they wouldn’t be surprised if Rodriguez “becomes a subservient No. 2” to Lore, who they predict will end up buying more than half and controlling the Timberwolves.

In an interview with the Post, Lore wouldn’t confirm or deny that he has a bigger stake in the team than Rodriguez, stating they both have to make decisions together. Lore said he “couldn’t imagine having a better partner.”

“He is one of my best friends,” said Lore. “There is no one else I would rather be partners with than Alex.”

A-Rod was dating Lopez at the time he first partnered up with Lore in a bid to purchase the New York Mets in 2020. One NBA source stated Lore “got completely mesmerized” by Rodriguez’s relationship with J. Lo.

Article content

RECOMMENDED VIDEO

It appeared that investments were being made by the couple, with Lopez frequently on-site for A-Rod’s business meetings with prospective partners.

Rodriguez and Lopez started dating in 2017 and got engaged two years later. The two broke up in early 2021 with Lopez later rekindling her relationship with — and later marrying — actor Ben Affleck.

Sources told the Post Rodriguez wasn’t financially prepared for the Timberwolves investment post-Lopez break-up.

While Rodriguez is worth a lot — $500 million himself with an additional $1 billion in real estate — the former slugger lacks the charm he had while he was with Lopez to woo co-investors.

Should Rodriguez and Lore make the year’s end payment, they have the chance to purchase an additional 40% stake and secure control of the Timberwolves by late 2023. If they don’t, team owner Glen Taylor isn’t worried, according to a source, because he believes the team’s value has risen to $2 billion since striking a deal with Lore and A-Rod.

This new valued amount may help Taylor start a new sales process, the source believes.

Should Rodriguez fail to secure his financial load for the Timberwolves deal, he and co-investors can still put money into the team without having a say on how it’s operated.