Is money tight in Minnesota?
Front Office Sports reports the Timberwolves could be having cash flow problems.
Alex Rodriguez and Marc Lore were granted permission to delay a payment of $200 million to March 28, according to the Twin Cities Pioneer Press. The payment, originally due Dec. 31, will give the pair a 40% stake in the team. The two purchased a 20% stake in July 2021. They will take a controlling stake on completion of a $400 million payment scheduled for later this year. The NBA board of governors has not yet approved the full sale.
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Rodriguez, the former New York Yankees star, and Lore bought the Timberwolves in 2021 for $1.5 billion.
In August, the New York Post reported on Rodriguez’s finances, and it wasn’t good, with the slugger “scrambling to raise his half in addition to the cash he needs for the down payment, the three sources confirmed.”
“I wouldn’t be surprised if A-Rod becomes a subservient No. 2 to Lore,” a source said, predicting that Lore might end up buying more than half and controlling the team.
The Post reported that because of NBA rules, Rodriguez can’t “become an owner unless he personally can foot the bill for 15% of the total purchase price — nearly $200 million when factoring in the team’s debt — without the help of co-investors. ... On his own, A-Rod might be worth $500 million, but little of it is believed to be liquid, sources said.”
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Rodriguez is coming off his second appearance on the National Baseball Hall of Fame ballot. He was named on 35.7% of the votes cast this year. That’s up slightly from 34.3% when he made his ballot debut in 2022. Candidates need to be named on 75% of the ballots cast for induction in Cooperstown. Rodriguez is eligible to appear on the ballot for the next eight years.
Rodriguez certainly has the numbers for the Hall of Fame: 696 career home runs (fifth all-time), 14 All-Star selections and three American League MVP Awards.
However Rodriguez’s season-long suspension in 2014 for using performance-enhancing drugs clouds his candidacy.
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Mike Rosenstein may be reached at mrosenstein@njadvancemedia.com.