Insiders allege that Alex Rodriguez's split from Jennifer Lopez is at least partially to blame for the uncertainty regarding his agreement to purchase the Minnesota Timberwolves from an e-commerce magnate for $1.5 billion.
The wealthy internet retail tycoon Marc Lore, who plans to develop an eco-friendly metropolis named "Telosa" in the Southwest desert, joined up with the former Yankees slugger to purchase the NBA franchise last year.
According to individuals familiar with the case, A-Rod and Lore were meant to be equal partners when they paid a $250 million down payment in July 2021. This financial commitment, when combined with the assumption of certain club debt, equated to a 20% share in the team, as reported by The New York Post.
Three people who knew about the situation said that A-Rod didn't pay his full share at the time, so Lore had to pay the rest. As a consequence, Lore now owns around 13% of the Timberwolves, compared to A-Rod's 7%.
According to an NBA insider, "Alex and Marc were meant to be split 50/50." "Alex was unable to provide his part."
The agreement stated that A-Rod and Lore must now pay the remaining 20% before the end of the year. The three sources verified that Alex Rodriguez is frantically trying to raise his share of the money in addition to the down payment.
The J.Lo Factor
A source speculated that A-Rod might wind up serving as Lore's "subservient No. 2" and that Lore may eventually acquire control of the organization by purchasing more than half of it.
Without admitting or disputing that he has a larger ownership share than A-Rod, Lore told The Post that the two still consult one another before making any decisions.
Alex Rodriguez and Lore originally collaborated on a 2020 purchase proposal for the New York Mets. According to those familiar with the matter, A-relationship Rod's with Jennifer Lopez at the time may have contributed to the development of his friendship with Lore.
The individual who is familiar with both investors claimed that "Marc got totally enthralled by the J. Lo situation."
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Alex Rodriguez and Marc Lore were meant to be equal partners when they put in a $250 million down payment in July 2021. A-Rod, though, was unable to pay his full part, leaving Lore to make up the difference.
According to people familiar with the situation, Lopez was routinely present when A-Rod called for meetings with potential business partners at the power couple's opulent residences in Bel-Air and the Hamptons.
Early in 2017, Alex Rodriguez, 47, started seeing Lopez. In 2019, he proposed a 16-carat emerald-cut diamond ring believed to be worth $1.8 million. But they broke up and called off the engagement in the spring of last year, just one month before J. Lo started dating Ben Affleck again, whom she married this month in a lavish ceremony.
Financial Woes Caused A-Rod-J.Lo Split?
A-Rod and Lore started their offer for the Timberwolves just before they decided to call off their engagement, and insiders claim that Alex Rodriguez wasn't financially ready for the split.
Rodriguez's spokesperson refuted the report and called it untrue, according to Daily Mail.
Some believe Alex Rodriguez's split with Jennifer Lopez caused his financial woes. According to another source, the ex-MLB player made it seem like he was investing with Lopez, but now that the entertainment icon is no longer by her side, investors are not as interested in him, per Clutch Points.
Whether the rumor is accurate or not remains to be seen, but it is certain to garner media attention when it comes time to make another payment to complete their acquisition of the Timberwolves.
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