• Loading stock data...
Friday, April 25, 2025

$250M Needed for A-Rod’s Timberwolves Takeover ‘In the Bank’

  • A-Rod and Marc Lore need to pay around $250 million by March 28.
  • A spokesperson for A-Rod said “the money is in the bank.”
Minnesota Timberwolves owner Alex Rodriguez
Bruce Kluckhohn-USA TODAY Sports

Alex Rodriguez is still set to take over the Minnesota Timberwolves and Lynx — despite some skepticism in the industry.

Rodriguez and business partner Marc Lore need to pay around $250 million by March 28 to increase their stake in the Timberwolves to 40% as part of a broader $1.5 billion takeover deal. Recent reports have questioned whether the pair would be able to meet the deadline.

“The money is in the bank and ready to be funded today,” a spokesperson for A-Rod told the New York Post. 

In July 2021, the former Yankees player and his business partner paid around $250 million for a 20% stake, with the option to increase their stake to 40% by March 28 and then to 80% by March 28, 2024. 

If either deadline passes, current owner Glen Taylor — who purchased the team for $88 million in 1994 — could reportedly nullify the deal and keep the pair as minority owners. Forbes last valued the Timberwolves at $1.67 billion.

A-Rod reportedly had issues during the first round of payments — he only provided funds equivalent to a 7% stake, with Lore providing 13%. 

Rodriguez’s SPAC has also run into issues. Slam Corp. said in February that investors redeemed roughly 61% of its 57.5 million shares as investors approved a deadline extension for the SPAC to look for a deal.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

The Bold NFL Draft Approaches of Travis Hunter and Shedeur Sanders

The longtime college teammates are taking different professional approaches.

Fewer NFL Draft Prospects Will Be in Green Bay. Here’s Why

There will be 15 NFL Draft prospects in Green Bay.

Comcast Leans On Sports As Revenue Slides and Cord-Cutting Grows

NBC Sports’ rights portfolio remains a company bedrock.
FuboTV signage

Disney’s Fubo Takeover Now Faces DOJ Antitrust Review

The deal struck by the ESPN parent company could be in jeopardy.

Featured Today

Apr 5, 2025; San Antonio, TX, USA; Duke Blue Devils forward Cooper Flagg (2) reacts after a three point basket against the Houston Cougars during the first half in the semifinals of the men's Final Four of the 2025 NCAA Tournament at the Alamodome.

Cooper Flagg’s Timing Is Perfect for the NBA and USA Basketball

The projected No. 1 pick just declared for the draft.
Apr 14, 2025; New York, New York, USA; Paige Bueckers is interviewed by ESPN after being selected with the number one overall pick to the Dallas Wings in the 2025 WNBA Draft at The Shed at Hudson Yards
April 21, 2025

ESPN’s WNBA Coverage Mirrors the League’s Stunning Growth

“I don’t think we stand still in our coverage of women’s sports,” says Rowe.
Mar 16, 2025; Milwaukee, Wisconsin, USA; Oklahoma City Thunder guard Shai Gilgeous-Alexander (2) celebrates with guard Isaiah Joe (11) after score in the fourth quarter against the Milwaukee Bucks at Fiserv Forum.
April 20, 2025

Unorthodox OKC: The Thunder Redefined Tanking to Become NBA’s Best

A rebuild years in the making has OKC in the driver’s seat.
Mar 13, 2020; Augusta, GA, USA; The front entrance at Augusta National Golf Club in Augusta, Ga., Friday morning. The Masters Tournament has been postponed due to coronavirus concerns.
opinion
April 20, 2025

What’s It Like to Play Augusta? A Day on the World’s Most..

Inside a round at the most exclusive club in the world.
Apr 14, 2025; Tampa, Florida, USA; a general view of the stadium during a game between the Tampa Bay Rays and the Boston Red Sox at George M. Steinbrenner Field.

Rays See Sharp Attendance Drop in Temporary Home Amid Uncertainty

Some amenities are praised, but home attendance drops at the temporary site.
Dec 9, 2024; Toronto, Ontario, CAN; New York Knicks guard Jalen Brunson (11) watches as center Karl-Anthony Towns (32) celebrates after making a three point basket to clinch a win against the Toronto Raptors near the end of the fourth quarter at Scotiabank Arena
April 19, 2025

Same Owner, New Knicks: New York’s Remarkable Rebound

The franchise’s renaissance didn’t happen overnight.
Nico Harrison
April 21, 2025

Nico Harrison Says Luka Trade Backlash Surprised Him

The Mavericks GM spoke about the trade—in front of cameras—Monday.
Sponsored

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

This week, Two-time Super Bowl Champion and CBS NFL analyst Logan Ryan joins us to talk the business of sports on our third installment of Portfolio Players.
April 18, 2025

High-Priced Suns Have a Frustrated Owner, Few Good Options

Phoenix missed the playoffs with an NBA-high $210 million payroll.
Monte McNair
April 17, 2025

Flailing Kings Fire GM After Losing Play-In

Monte McNair helped the team end a 16-year playoff drought. 
April 16, 2025

Leafs vs. Senators: Old Guard Meets New Money in Battle of Ontario

The Maple Leafs-Senators clash has many David-and-Goliath themes.
Apr 9, 2025; Phoenix, Arizona, USA; Phoenix Suns guard Bradley Beal (3) dribbles the ball against the Oklahoma City Thunder during the first half at Footprint Center.
April 10, 2025

Suns Will Miss the Playoffs Despite Having NBA’s Highest Payroll

The team’s luxury tax bill exceeds other teams’ full salaries.