A Hall of Fame induction might be the elusive achievement Alex Rodriguez can’t buy. The 47-year-old former All-Star from the Yankees, Mariners, and Rangers has become an outstanding figure in media and business since retiring in 2016. Now, he can add NBA ownership to his list of accomplishments.
Rodriguez, along with his business partner Marc Lore, has made a second $290 million payment towards acquiring full ownership of the Minnesota Timberwolves and Lynx, giving them a 40 percent stake in these franchises, according to The Athletic.
Since stepping away from baseball, Rodriguez has thrived as a top analyst for ESPN and Fox Sports and has seen financial success through various investments, including his appearances on ABC’s “Shark Tank.”
His ventures span fitness gyms, coconut water, and e-sports, with remarkable wins in companies like Fanatics and goPuff. He is also invested in technology, real estate, and entertainment sectors.
Front Office Sports reported that Rodriguez had difficulties during the initial payment round, covering only a 7% stake while Lore handled 13%. Despite skepticism about their ability to raise the remaining funds, a spokesperson for Rodriguez assured that “the money is in the bank.”
More details from Front Office Sports reveal that in July 2021, Rodriguez and Lore invested around $250 million for a 20% stake, with options to increase to 40% by March 28 and 80% by March 28, 2024.
If they miss these deadlines, current owner Glen Taylor, who purchased the team for $88 million in 1994, could cancel the deal and retain them as minority owners. Forbes recently valued the Timberwolves at $1.67 billion.
Meanwhile, Rodriguez is dealing with his second appearance on the National Baseball Hall of Fame ballot, securing 35.7% of the votes this year, up slightly from 34.3% in 2022. Candidates need 75% of the vote for induction, and Rodriguez has eight more years of eligibility.