Alex Rodriguez Struggling To Generate Cash For Purchase Of Wolves
Alex Rodriguez and Marc Lore were supposed to be equal partners in the Minnesota Timberwolves when they made a $250 million down payment in July 2021, but Rodriguez failed to come up with his full share. Lore covered the balance and as a result, he now has a roughly 13 percent share while Rodriguez has amassed seven percent.
"Alex and Marc were supposed to be 50/50," an NBA source said. "Alex couldn't come up with his half."
The terms of the deal require Rodriguez and Lore to make the next 20 percent payment by the end of the year, which Rodriguez may struggle again to raise the cash to provide.
"I wouldn't be surprised if A-Rod becomes a subservient No. 2 to Lore," a source said, predicting that Lore might end up buying more than half and controlling the team.
Lore is standing with Rodriguez.
"I couldn't imagine having a better partner. He is one of my best friends," Lore said Monday. "There is no one else I would rather be partners with than Alex."
Insiders say Rodriguez's previous relationship with Jennifer Lopez helped his business interests, including with Lore.
"Marc got completely mesmerized by the J. Lo thing," the source who knows both both investors said.
Rodriguez and Lopez broke up in the spring of 2021.
Rodriguez might be worth $500 million, but little of it is believed to be liquid, sources said.
"His ability to raise capital went from strong to meaningfully weaker," believes a source who knows Rodriguez well. "J.Lo validated him."
Glen Taylor reportedly wouldn't be overly disappointed if a deal with Lore and Rodriguez fell through because he believes the value of the franchise has risen to about $2 billion since the deal was reached.
NBA rules won't permit Rodriguez to become an owner unless he can personally foot the bill for 15 percent of the total purchase price, which is nearly $200 million when factoring in the team's debt, without the help of co-owners.
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, Khareem Sudlow
