Alex Rodriguez having money issues with Timberwolves?
Alex Rodriguez entered into an agreement last year to purchase the Minnesota Timberwolves along with billionaire Marc Lore, but questions are beginning to mount about whether the former MLB slugger can hold up his end of the deal.
Rodriguez and Lore entered into a deal to buy the Timberwolves over a period of several years. They made an initial down payment of $250 million in July 2021, which amounted to a 20 percent stake. According to a report from Josh Kosman of the New York Post, Rodriguez has not come up with his full share of the down payment. Sources familiar with the situation told Kosman that Lore currently owns 13 percent of the Timberwolves while Rodriguez owns 7 percent. The two were supposed to be 50/50 partners.
The next step of the agreement requires A-Rod and Lore to pay another 20 percent by the end of the year. Rodriguez is said to be “scrambling to raise his half in addition to the cash he needs for the down payment.”
Lore told the Post on Monday that that he “couldn’t imagine having a better partner” than Rodriguez. He did not confirm or deny that he currently has a larger stake in the Timberwolves than his partner.
Rodriguez was dating Jennifer Lopez at the time he partnered with Lore to buy the T-Wolves. One source told Kosman that Lore was “completely mesmerized” with the relationship and Lopez’s presence. Rodriguez would have had a much easier time coming up with money if he married J-Lo, but the two broke off their engagement in April 2021. Kosman adds that Rodriguez may be having trouble charming prospective investors without Lopez by his side.
This is not the first we have heard about A-Rod and Lore hitting potential roadblocks in their purchase of the Timberwolves.