Millionaire Alex Rodriguez Faces Another Race Against Time to Save $1.5 Billion Minnesota Timberwolves Deal
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Minnesota Timberwolves co-owner Alex Rodriguez is introduced in the first half of an NBA basketball game against the New Orleans Pelicans, Saturday, Oct. 23, 2021, in Minneapolis. (AP Photo/Andy Clayton-King)
Alex Rodriguez, the infamous New York Yankees star, has a love for sports that runs deep within his soul. From a young age, he was always drawn to the thrill of the game, whether it was on a professional or amateur level. It’s evident that sports will forever be an integral part of the former Yankee.
After retiring from the game, A-Rod has been keeping busy with various business ventures. One of them was his acquisition of a stake in the Minnesota Timberwolves NBA team. Things seemed to be going smoothly for a while, but reports have recently surfaced that Rodriguez, as a co-owner of the team, is facing financial difficulties. Let’s delve into this story and uncover what’s going on!
A-Rod is facing financial difficulties in regard to his NBA team
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In 2021, Alex Rodriguez, the former New York Yankees star, and Marc Lore made a big purchase, acquiring the Minnesota Timberwolves for $1.5 billion. However, it seems that their finances have been in a bit of a rough patch.
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According to nj.com, Rodriguez has been struggling to gather enough funds, including the necessary cash for a down payment for the team. The duo has been granted a delay in their payment of $200 million each, which was originally due from December 31st to March 28th. Once they complete the $400 million payment, they will hold a controlling stake in the team, though the full sale is still awaiting approval from the NBA board of governors.
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The Timberwolves have been making waves on the hard court these days. The team’s financial troubles don’t seem too much of a hassle for the players, so that’s a positive note in the whole ongoing debacle.
Why is the $500 million man Alex Rodriguez facing trouble?
Although Rodriguez’s net worth is estimated to be around $500 million, much of his wealth is tied up in assets and may not be readily available.
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Despite the hurdle, it seems like Rodriguez remains determined to complete the acquisition of the Minnesota Timberwolves and bring his vision of the team to life. As the deadline approaches, do you think the Yankee sensation will be able to finish the payment on time? Leave your comments below!
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Written by:
Edited by:
Abhishek Kumar
