Alex Rodriguez’s finances jeopardize Timberwolves purchase

The purchase of the Minnesota Timberwolves is suffering a new setback. In accordance with an information of The New York PostAlex Rodríguez is having trouble raising the agreed amount to undertake the purchase of the franchise.

Originally, Marc Lore and Alex Rodriguez were supposed to be equal partners in the acquisition of the Timberwolves for a total value of 1,500 million dollarswhich included an initial payment of 250 million dollars made in July 2021. However, since the new york post They point out that Rodríguez was unable to pay 50% of said amount, which was covered by Lore, who currently owns 13% of the organization, by 7% of his partner.

According to the purchase agreement, the future owners must make the next payment, corresponding to another 20%, before the end of the year. According to the aforementioned media, Rodríguez continues to have difficulties in increasing his participation, which opens the door for Lore to become the majority owner of the Timberwolves.

NBA rules will not allow Rodriguez to become a partial owner unless he can cover at least 15% of the total purchase price without help from partners or other investors. The new york post reports that Rodriguez has a fortune valued at around $500 million, but most of his assets could not easily be transferred to the cash needed to buy the team.

If Rodriguez and Lore make their next payment on time, they will have a chance to buy an additional 40% from current owner Glen Taylor and take control of the team by the end of 2023. But an NBA source suggests Taylor won’t feel comfortable. disappointed if the current deal falls through because he believes the franchise is now worth more than $2 billion, which would allow him to add to his personal coffers if he eventually sells it to another buyer.

(Cover photo by Thearon W. Henderson/Getty Images)