Published 12/31/2022, 2:07 AM EST
It has been a while since MLB legend Alex Rodriguez and ex-fiancee Jennifer Lopez called it quits. Reports claimed that A-Rod took a “financial” hit after their breakup. However, with a new year on the horizon, things may be looking up for him as well. He has decided to climb up the ladder in his ownership stakes in the NBA world.
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According to the Daily Mail, “Marc Lore and Alex Rodriguez have exercised their option to purchase the next 20 percent of the Minnesota Timberwolves and Minnesota Lynx“.
A-Rod increases his ownership stakes in an NBA team
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In 2021, both Marc Lore and Alex Rodriguez agreed to buy the Minnesota Timberwolves in installments, to eventually “take full control” of the franchise. With an additional 20 percent stakes, they ticked the box for their “three-step plan“. They informed the current majority owner, Glen Taylor about their decision nearing the weekend. The duo would now be feasible for a 40 percent ownership.
Dec 28, 2022; New Orleans, Louisiana, USA; Minnesota Timberwolves guard Austin Rivers (25) goes to the bench on a time out against the New Orleans Pelicans during the second half at Smoothie King Center. Mandatory Credit: Stephen Lew-USA TODAY Sports
It was also reported that should A-Rod and Lore fail to make good on their word, Taylor has the “right to void the sale entirely to strike a new deal – and push the sale price higher“.
Earlier this year, Alex Rodriguez’s finances were “in jeopardy” without his ex-fiancee by his side. “His ability to raise capital went from strong to meaningfully weaker“, a source close to A-Rod said. The partnership with Jennifer Lopez reportedly leveraged the baseball legend and entrepreneur in very many ways. But how has his net worth fared without Jlo? Celebrity Net Worth noted, “The added star power of Jennifer Lopez was reportedly a major perk for Lore and Rodriguez as they attracted financing partners.”
A-Rod on the Minnesota Timberwolves
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Earlier this year, Alex Rodriguez was seen at courtside, cheering on his team. He spoke to the media and said it has been a learning curve for him to be in the basketball league. He added that his experiences thus far in the sports world and the business world have helped him to reach this juncture. A-Rod said, “It’s been great. The NBA has welcomed me with open arms.”
Speaking about his team, he believed that it all boils down to the fans in Minnesota. “They deserve a winner. They deserve consistency, they deserve continuity.” He added that the fans have a “lot to cheer for” with the talent that the team has got.
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This season, the Timberwolves are the 11th seed in the Western Conference.