Alex Rodriguez is apparently not pulling his weight when it comes to paying for his half of the Minnesota Timberwolves.
According to Josh Kosman of the New York Post, the Yankees legend is “scrambling” to raise his half of the money with billionaire Marc Lore to complete the purchase of the NBA franchise.
The two bought the Timberwolves for $1.5 billion last year in what was announced as a 50/50 partnership, but A-Rod failed to come up with his half of the initial 20% down payment ($250 million), leaving Lore to cover the balance and put 13% down while Rodriguez put in a 7% stake.
The next 20% payment is due by the end of the year and, per Kosman, Rodriguez may be short again in addition to the cash he needs for the down payment.
“I wouldn’t be surprised if A-Rod becomes a subservient No. 2 to Lore,” a source told The Post.
One theory for why Rodriguez is struggling to pay his half is because Jennifer Lopez is no longer in the picture.
A-Rod and J.Lo were engaged in 2019 and the famous singer was reportedly very involved with A-Rod’s business ventures, with one source telling The Post that “you always took you’re a-Rod meeting with J.Lo.”
Lore has the money to complete a deal without A-Rod, but in a comment to The Post, he made it clear that he and A-Rod are still partners and make all decisions together, although did not address the financial arrangement.
Per NBA rules, A-Rod must have at least a 15% stake of the team — roughly $200 million — without help of co-investors in order to be an owner.
A-Rod and Lore could have full control of the team by the end of 2023 if they are able to make their next payment by the end of the year.
If not, current owner Glen Taylor is not too worried about it. Per The Post, Taylor believes the team’s value has increased since the initial agreement.
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