Alex Rodriguez gains big distinction with latest sports ownership move
Feb 2, 2020; Miami Gardens, Florida, USA; Alex Rodriguez on the sidelines before Super Bowl LIV between the Kansas City Chiefs and San Francisco 49ers at Hard Rock Stadium. Mandatory Credit: Mark J. Rebilas-USA TODAY Sports
Alex Rodriguez is now in the record books both on the baseball diamond and off it.
Shams Charania of The Athletic reported Tuesday that the retired 14-time MLB All-Star Rodriguez (along with business partner Marc Lore) has made a second, $290 million payment that will go towards full ownership of the NBA’s Minnesota Timberwolves. The two now own 40 percent of the team and have one more payment to make before assuming majority ownership from current Timberwolves owner Glen Taylor.
Marc Lore and Alex Rodriguez have closed a second, $290 million payment toward full ownership of the Minnesota Timberwolves, sources tell me and @JonKrawczynski. The Lore-Rodriguez group now owns 40% of the team. They have one more payment before becoming majority owners.
— Shams Charania (@ShamsCharania) March 28, 2023
Charania also reports that Rodriguez and Lore have each placed over $200 million out of pocket towards the purchase of the Wolves. For Rodriguez, that now gives him the largest cash input of any ex-athlete buying a pro sports team (along with Michael Jordan’s purchase of the then-Charlotte Bobcats in 2010).
Former MLB star Alex Rodriguez now has made the largest cash input – over $200M – of any former athlete buying a pro sports team to go along with Michael Jordan purchasing the Charlotte Hornets in 2010. https://t.co/9Ei5L4xZDq
— Shams Charania (@ShamsCharania) March 28, 2023
The Rodriguez-Lore duo struck a deal with Taylor back in May 2021 to buy the Timberwolves for a total price of $1.5 billion (paid out in installments). Rodriguez and Lore started out as limited partners in the team and are now set to complete the full purchase in March 2024.
As for Rodriguez himself, who made over $425 million in salary alone during his MLB career, there were some rumors just last year that he was facing money problems with regard to his investment in the Timberwolves. That no longer seems to be the case though, especially since A-Rod recently launched a lucrative startup as well.