Millionaire Alex Rodriguez Reveals How $1.5 Billion NBA Move Ensures $300 Million SPAC Loss is Nothing More Than an Afterthought

In 2021, after a failed bid on the New York Mets, Alex Rodriguez and Marc Lore shifted their focus to the NBA and decided to invest in the Minnesota Timberwolves, for a total of $1.5 billion, over three installments. With the purchase of the Wolves, A-Rod’s dream of owning a sports team finally came true. But he still had to raise funds for the installments. In addition to that, A-Rod’s blank-check company faced a $300 million loss.

A-Rod’s struggle to raise funds increased, but the business mogul managed to raise enough funds and pay off the second installment of the Wolves.

And now, in hindsight, A-Rod and Lore may be looking up toward a potential $2.5 billion profit if they ever decide to lose the franchise. Quite seemingly not a bad investment. What do you think?

Alex Rodriguez and Marc Lore have bagged themselves a tremendous deal with the Timberwolves

The three installments for A-Rod and Lore’s Timberwolves acquisition were – 20% by July 2021, 20% more by the end of 2022, and the final 40% by March 2024. Up until then, Glen Taylor would remain as the managing partner of the Timberwolves.

On the Bloomberg Wealth episode, David Rubenstein explains why A-Rod’s Timberwolves investment is a massive success, especially given the $4 billion worth Phoenix Suns sale in December 2022.

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Rubenstein said, “Today, the deal you’ve done with the Minnesota Timberwolves seems to be from the outside, a very, very attractive deal. Because recently a team was sold for four billion dollars – the Phoenix Suns. And another team, a partial sale at roughly, I think a three and a half billion dollar valuation. You bought a team for about one point five billion dollars. So one point five, three point five, four billion. You seem like you have a pretty good deal there.”

The Minnesota Timberwolves in 2022-23

Notably, the Minnesota Timberwolves concluded the 2022-23 season with 42 wins and 40 losses, at 0.512 at the eighth position in the Western Conference. They managed to make it to the play-in round, where they lost to the Lakers but beat Oklahoma Thunder and qualified for the postseason. In the postseason, the Wolves lost in the first round to the Denver Nuggets 4-1 and exited the postseason.

The Timberwolves had an average 2022 season, with lots of scope for improvement. Will they move further ahead in 2023, with A-Rod and Lore by their side? What do you think? Let us know your thoughts in the comments below.

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