• Loading stock data...
Tuesday, June 24, 2025
exclusive
Deals

A-Rod Group Seals Deal to Purchase Timberwolves

  • Tech entrepreneur Marc Lore leads ownership group.
  • Franchise valued at $1.5 billion was put on the market in April.
Robert Deutsch-USA TODAY Sports/Design: Alex Brooks

Alex Rodriguez and tech entrepreneur Marc Lore have an agreement in place to purchase the Minnesota Timberwolves, a source with knowledge of the deal told Front Office Sports on Thursday. 

The financial terms of the deal were not immediately known, although the deal that includes the WNBA’s Minnesota Lynx is expected to be about $1.5 billion.

The deal requires the approval of NBA owners before its finalized. The NBA didn’t immediately provide comment when reached by Front Office Sports. 

Lore, Walmart’s former e-commerce chief, and Rodriquez had an exclusive 30-day window to negotiate the purchase of the Timberwolves close without a deal earlier this week, ESPN reported. Both sides continued to negotiate the deal before they came to an agreement Thursday. 

The franchise was put on the market on April 10 by owner Glen Taylor, a billionaire businessman and former politician. As part of the terms of any sale, Taylor is expected to operate the team through 2023 as Lore and Rodriguez move into their ownership role. 

The 45-year old Rodriguez has dreamed about being a mogul since he was a kid.

He founded his A-Rod Corp. holding company in 1995. Its portfolio now spans more than 30 companies, ranging from venture capital to real estate.

While still an active player, Rodriguez started buying up apartment units in Florida and the Southeast. His company has bought over $1 billion worth of real estate and developed over 15 million square feet worth of space. 

From his base in real estate, he invested in sports, wellness, media, technology and entertainment. Along the way, he’s been mentored financially by some of the biggest names in the business, including Warren Buffett of Berkshire Hathaway, NBA legend turned tycoon Magic Johnson and late New York Yankees owner George Steinbrenner.

Besides A-Rod Corp., he’s also the CEO of Slam Corp., a SPAC he started with Himanshu Gulati of Antara Capital. 

He co-hosts The Corp. with Barstool Sports’ Dan “Big Cat” Katz, where they interview the likes of CNBC’s Jim Cramer, Stephanie McMahon of WWE and Howard Schultz of Starbucks. He managed to pull off working for two rival sports TV networks at the same time, calling “Sunday Night Baseball” for ESPN while working baseball studio coverage for Fox Sports.

During an interview with CNBC, Rodriguez said he’d rather be on the cover of Fortune than Sports Illustrated. 

“I work so much harder at my business than I did at baseball because I don’t have the competitive advantage,” Rodriguez told anchor Becky Quick.  “I am going up against really, really smart people with great teams.”

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

NBA Finals Game 7 Is Most-Watched Since 2019, but Series Drops 9%

Game 7 drew 16.35 million viewers, the most-watched NBA game since 2019.

NBA Conference Gap Wider Than Ever Amid Injuries to East’s Best

A team from the West has won the NBA title 17 times since 2000.
opinion

A 7-Step Playbook for Better NBA Finals TV Coverage

ESPN’s coverage of the NBA Finals was criticized on social media.

Featured Today

Mar 15, 2025; Fort Worth, TX, USA; UAB Blazers forward Yaxel Lendeborg (3) dribbles the ball upcourt against the North Texas Mean Green during the first half at Dickies Arena

NIL Is Shrinking the Pool of NBA Draft Entrants

Agents are now advising many players to stay in school.
Apr 24, 2025; Green Bay, WI, USA; Penn State Nittany Lions defensive end Abdul Carter on the red carpet before the 2025 NFL Draft at Lambeau Field
June 21, 2025

‘More Is More’: The Elite Luxury Jewelers Decking Out Athletes

Meet the elite group of luxury designers crafting the biggest statement pieces.
Dec 5, 2024; Miami, FL, USA; FIFA president Gianni Infantino presents the FIFA Club World Cup trophy during the Club Word Cup draw at Telemundo Studios.
June 15, 2025

Revamped Club World Cup Is FIFA’s Billion-Dollar Gamble

The revamped soccer event debuts amid controversy.
Jun 10, 2025; Nashville, Tennessee, USA; United States head coach Mauricio Pochettino stands during the anthem against the Switzerland during the first at Geodis Park
June 14, 2025

Gold Cup Is Complicated for USMNT—but U.S. Soccer Has Its Eyes on..

Uncertain tournament success isn’t fazing forward-looking U.S. soccer.

Max Verstappen Linked to $300M Aston Martin Deal Ahead of Miami GP

Aston Martin is currently seventh in the constructors championship.
March 20, 2025

High School Sports Power Signs Eight-Figure Rights Deal in First

The deal pays roughly $1 million annually, FOS has learned.
March 27, 2025

Peyton Manning’s Omaha Productions Gets PE Boost

The Hall of Famer’s company gains another prominent backer.
Sponsored

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

Ted Leonsis unpacks basketball’s global rise, media rights, and portfolio ownership.
March 20, 2025

Maxx Crosby’s Agent: Edge Rushers Set to Dominate NFL’s Non-QB Market

Maxx Crosby just signed a three-year, $106.5 million extension.
March 4, 2025

Eagles Make Saquon Barkley NFL’s Highest-Paid Running Back Ever

Barkley is coming off a historic 2024 season with the Eagles.
February 18, 2025

Tiger Woods Signs First PGA Tour Player to Wear Sun Day Red

Karl Vilips will wear Sun Day Red at his season debut at the Mexico Open.
Teammates embrace during matchup in The Hundred cricket league
February 15, 2025

Google, Microsoft, Adobe CEOs Buy Stakes in Cricket League

The England and Wales Cricket Board raised £520m by selling team stakes.