Since Alex Rodriguez hung up his baseball cleats in 2016, his main focus has been his growing business empire. The latest in A-Rod’s dealings was reported Saturday, as the former World Series Champion is set to become owner of the NBA’s Minnesota Timberwolves along with billionaire Marc Lore. The news was first reported by ESPN’s Adrian Wojnarowski.
According to Wojnarowski, Rodriguez and Lore are currently finalizing the deal but won’t take over operations of the club until 2023 when majority owner Glen Taylor will step down. The deal is also reported to be within the range of about $1.5 billion. On Forbes’s latest ranking of NBA teams’ net values, Minnesota ranked 28th out of 30 with an estimated worth of $1.4 billion, ahead of only the New Orleans Pelicans and Memphis Grizzlies. The New York Knicks held the top spot at $5 billion.
Rodriguez has been a businessman since he was just two years into his eventual 23-year pro baseball career, when he founded his holding company ‘A-Rod Corp.’ in 1996.
Lore is an accomplished entrepreneur with ventures such as Walmart’s U.S. e-commerce, Jet.com and Diapers.com. Lore and Rodriguez have been cohorts for some time, as they attempted unsuccessfully to buy the New York Mets in 2020. Lore, 49, and Rodriguez, 45, will become first-time owners of a professional sports franchise once the deal goes through.
Minnesota hasn’t made the postseason since the 2017-18 season, when they lost in the first round to the Houston Rockets in five games. Before that, the team hadn’t made the playoffs since 2004. Currently the worst team in the NBA with a 13-40 record, the Timberwolves’ long-term future rests on the shoulders of Rodriguez and Lore.