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Thursday, June 13, 2024

$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.

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