Lots of people have been through difficult breakups, but not many have had that breakup potentially cost them an NBA team. Alex Rodriguez could be on that short list because of his split with Jennifer Lopez.
A-Rod and billionaire Marc Lore had planned to buy the Minnesota Timberwolves in 2021. Their initial plan was a 50/50 deal in which each would throw down a cool $250 million as a down payment.
Lore made his money by selling his online grocery website Jet.com to Walmart for more than $3 billion. He also founded Diapers.com.
According to the New York Post, Rodriguez couldn’t quite scrounge up the money sore Lore covered for him. This means that as it stands, Lore has a 13% stake in the T-Wolves to Rodriguez’s 7%.
Some reporting through sources by the New York Post makes it seem like A-Rod used his relationship with Lopez to help his business deals. He held meetings at their homes in Beverly Hills, and the Hamptons, and she was often present for them. This led some to believe that they were investing in the Timberwolves as a couple.
A-Rod Might Have Trouble Completing The Timberwolves Deal
A-Rod and Lore started their bid to buy the NBA team shortly before the former Major Leaguer’s engagement fell through. This allegedly put him in a financial bind. Not like a normal person’s financial bind, but enough to make buying an NBA team substantially more difficult.
Rodriguez could be worth around half a billion dollars, but it’s unknown how much of that value is liquid. Plus, J-Lo was a useful partner in gathering investors. He doesn’t have that anymore.
The next 20% payment that Lore and Rodriguez are expected to make is due at the end of this year. Rodriguez could have trouble gathering his half of the money according to the Post report.
So, next time you’re annoyed that your significant other left and took your favorite sweatshirt or something dumb like that, just be thankful they didn’t cost you the Minnesota Timberwolves.
Follow on Twitter: @Matt_Reigle
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