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TAMPA – FEBRUARY 17: Infielder Alex Rodriguez of the New York Yankees pauses during a press conference about his performance enhancing drug use at the George Steinbrenner complex February 17, 2009 in Tampa, Florida. (Photo by Al Messerschmidt/Getty Images)
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TAMPA – FEBRUARY 17: Infielder Alex Rodriguez of the New York Yankees pauses during a press conference about his performance enhancing drug use at the George Steinbrenner complex February 17, 2009 in Tampa, Florida. (Photo by Al Messerschmidt/Getty Images)
After saying goodbye to his playing career in the Bronx, Alex Rodriguez shifted his hard work from baseball to A-Rod Corp. Having played for several franchises, A-Rod’s journey to greatness was not as easy as it seems. Even after being abandoned by his father at a very young age, A-Rod enjoys a net worth of $350 million to his name.
However, recently, the former Yankee superstar has been hit by the changing mind of investors. Slam Corp., the special-purpose acquisition company (SPAC) or a blank-check company formed by Alex Rodriguez’s A-Rod Corp and hedge fund Antara Capital LP, got significantly hit by investors opting to back out from the fizzling SPAC industry.
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As most recently reported by Bloomberg, A-Rod’s company witnessed 61% of investors swapping their shares for cash. Correspondingly, Slam Corp. lost 61% of its 57.5 million shares, which investors cashed in.
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OAKLAND, CALIFORNIA – AUGUST 29: Broadcaster and former MLB player Alex Rodriguez looks on from the field before the game between the Oakland Athletics and the New York Yankees at RingCentral Coliseum on August 29, 2021 in Oakland, California. (Photo by Lachlan Cunningham/Getty Images)
The investor’s redemption request will leave the company with only $224 million while dropping from the $575 million raised by them two years ago. The SPAC industry, which was once a hotbed of investment activity, has experienced a notable decline as of late. Investors have been rapidly withdrawing their funds, contributing to the industry’s continued erosion.
In recent months, prominent figures in the SPAC arena, including Alec Gores, a titan of the industry, and Colin Kaepernick, a former NFL quarterback turned activist, have opted to discontinue their previously ambitious endeavors.
Does this worsen A-Rod’s already prevalent problems with the Timberwolves?
Back in 2021, Alex Rodriguez and Marc Lore invested $250 million in the NBA’s Minnesota Timberwolves. Now, as the second round of payments approaches, A-Rod and Lore have been granted a delay to pay the additional $200 million despite a positive round of fund collections earlier this year. Amidst the hit faced by Slam Corp., could we see Alex Rodriguez struggle to continue his ownership of the Timberwolves?
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NBA, Basketball Herren, USA Houston Rockets at Minnesota Timberwolves Jan 21, 2023 Minneapolis, Minnesota, USA Minnesota Timberwolves guard Anthony Edwards 1 celebrates during the third quarter against the Houston Rockets at Target Center. Minneapolis Target Center Minnesota USA, EDITORIAL USE ONLY PUBLICATIONxINxGERxSUIxAUTxONLY Copyright: xBracexHemmelgarnx 20230121_tdc_ah7_0237
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Written by
Edited by
Abhishek Kumar