Alex Rodriguez not only lost Jennifer Lopez, but may have lost an entire franchise in the process.
Alex Rodriguez’s pact to buy the Minnesota Timberwolves for $1.5 billion appears to be in jeopardy — and some insiders claim his breakup with Jennifer Lopez is at least partly to blame.
The three-time MLB MVP has an estate valued at about $500 million but the vast majority of it is in the form of property. Rodríguez has a vast fortune, but no access to cash to meet the agreements entered into with e-commerce tycoon Lore and current Wolves owner Glen Taylor.
The first of these was an initial $250m downpayment to acquire a 20% stake in the franchise. However, Rodríguez was unable to cover his full share and Lore had to make up the shortfall, leading to a disparity in the percentage of ownership: 13% for Lore and 7% for Rodriguez.
“Alex and Marc were supposed to be 50/50. Alex couldn’t come up with his half,” an NBA source told The New York Post. The next payment, to acquire a further 20% of the Wolves, has to be made before the end of the year and Rodríguez does not appear to have the liquidity necessary to meet his share of the investment, which could mean the former MLB star ends up becoming a minority shareholder in the venture with Lore as the Wolves’ owner.
Rodríguez’s economic issues are linked to his relationship with Lopez. According to The New York Post, the actress and singer was a magnet for her ex-husband’s business partners. “Marc got completely mesmerized by the J. Lo thing,” the source, who is familiar with both investors, said.
“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.
“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.”
Rodriguez started dating in early 2017 and proposed in 2019. However, cheating rumors would eventually end their relationship as J-Lo has since moved on and gotten married to Ben Affleck.WANT MORE FROM TOTALPROSPORTS? FOLLOW US ON GOOGLE NEWS.