Alex Rodriguez Braves $300 Million SPAC Loss and Minnesota Timberwolves Issues to Raise $20 Million For a New Venture Alongside Billionaire Partner

Ever since his retirement from baseball, Alex Rodriguez has grown from a powerful slugger to a business tycoon with multiple ventures under his belt. Throughout his post-retirement career, A-Rod spoke about owning a sports team, which he finally accomplished with the purchase of the Timberwolves. Now, however, two years into the Timberwolves deal, the ex-Yankee slugger is struggling to meet the next down payment, which will help him acquire 40% of the Timberwolves along with billionaire partner Marc Lore.

Nevertheless, the two ambitious Timberwolves partners, despite financial struggles with the Timberwolves, managed to raise a whopping $20 million for a brand new venture raising direct competition to Ticketmaster.

Financial troubles in one venture don’t limit Alex Rodriguez and Marc Lore from expanding their empire

A-Rod, along with Lore, raised money for a new ticketing venture called Jump, which aimed at improving and “personalizing” the experience of sports fans.

The 2009 Yankees World Champion reached his Instagram story with a message explaining the purpose of his startup. He said, “Whether in New York, or anywhere in the world, I’ve seen first-hand how passionate and loyal sports fans can be. But when you look at the sports industry, it’s not nearly as personalized as it could be. Fans crave it and Jump is here to put them first and build a platform that allows teams to rethink their fan experience.”

Read More: “You Got Me Driving Miss Daisy”- Alex Rodriguez Shares a Rare Moment With Home Run King Barry Bonds Ahead of a Crucial Timberwolves vs Warriors Game

However, most recently, a blank-check company owned by A-Rod’s A-Rod Corp faced the brunt of a tide shift within the investor’s group, which led to a $300 million hit on the company.

Seemingly, that hasn’t stopped the slugger-turned-business mogul from diving into a new venture.

Ex-Walmart CEO Marc Lore, who’s also grown to become really good friends with the ex-Yankee, shared the excitement ahead of this new venture. He said, “Really excited about this—so much opportunity to create an incredible fan experience. Stay tuned for more on Jump and what we’ve got planned!”

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What do you think about A-Rod’s new venture? Will it actually be able to compete with Ticketmaster? Let us know your thoughts in the comments below!