At the age of 20, in 1996, already on the Mariners’ big team and with a salary of US $ 442,334, Alex Rodríguez registered his first company; He christened it A-Rod Corp and in 2003 began its aggressive commitment to real estate, the central point of a portfolio that today includes investments from energy companies, shoe manufacturers, beer manufacturers such as Snapchat or DiDi.
Now, just months after losing his first big bet on owning a MLB team (the Mets), Rodríguez may become the first Dominican to own a professional franchise in a major league in the United States.
Glen Tayor bought the Minnesota Timberwolves for $ 90 million in 1994 and can now sell it for 17 times that value to a group led by A-Rod and Marc Lore, an entrepreneur with several successful e-commerce ventures that have created a billion dollar fortune.
Taylor has been trying for years to sell the Lobos, the Karl-Anthony Towns team that has only appeared in the playoffs once in the past 17 seasons. The letter of intent signed by A-Rod and Lore must be answered before May 10th.
Exclusive land
The 30 NBA teams are divided into 60 majority owners according to Forbes; of them only four are from non-American minorities (a Taiwanese, a Hindu, an Indonesian and a Canadian group). In the Major Leagues the circle is more closed (a majority Latino and two minority ones), in the NFL a Pakistani, a Korean and a German sneak in.
For a long time, Rodriguez’s accounts have received money beyond what the Mariners, Rangers and Yankees disbursed. Newport Property Construction, the construction company he created in 2009 with two Cuban-American architects, has managed more than $ 1.5 billion. In 2012 he founded Monument Capital Management, which reports $ 800 million in real estate acquisitions.
Warren Buffett, the fifth richest man in the world, defines Rodriguez as the owner of a money mind. “He only gets involved in things if they are business or money related,” the considered best investor in history said in an interview.
Are they Iraq and Seattle?
If a deal is closed, one of the first tasks of the new group will be to find out the future of Towns. The two-time All-Star, who is 25 and made the playoffs only once in his career with the Timberwolves, has three more seasons and $ 101.5 million left on his contract.
The Timberwolves need to find out if they can keep him, trade him for valuable assets or let him go into free agency with nothing in return.
Taylor plans to establish a single structure to transfer ownership. Rodríguez and Lore will initially own a smaller stake and gradually buy more until they have controlling ownership in about two and a half years, according to USA Today.
The Timberwolves have value to the community, and that’s why Minnesota-native Taylor wants to include a clause that keeps the franchise in Minneapolis, according to reports.
It can be difficult to enforce such a clause in perpetuity. So while there will be rumors and even concerns that Rodriguez wants to move the team to Seattle, keep this in mind: The NBA doesn’t want a current team to move to Seattle as much as it wants the expansion fee ($ 2.5 billion or higher). for a new team in Seattle. Relocation just doesn’t make that much money.
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At the age of 20, in 1996, already on the Mariners’ big team and with a salary of US $ 442,334, Alex Rodríguez registered his first company; He christened it A-Rod Corp and in 2003 began its aggressive commitment to real estate, the central point of a portfolio that today includes investments from energy companies, shoe manufacturers, beer manufacturers such as Snapchat or DiDi.
Now, just months after losing his first big bet on owning a MLB team (the Mets), Rodríguez may become the first Dominican to own a professional franchise in a major league in the United States.
Glen Tayor bought the Minnesota Timberwolves for $ 90 million in 1994 and can now sell it for 17 times that value to a group led by A-Rod and Marc Lore, an entrepreneur with several successful e-commerce ventures that have created a billion dollar fortune.
Taylor has been trying for years to sell the Lobos, the Karl-Anthony Towns team that has only appeared in the playoffs once in the past 17 seasons. The letter of intent signed by A-Rod and Lore must be answered before May 10th.
Exclusive land
The 30 NBA teams are divided into 60 majority owners according to Forbes; of them only four are from non-American minorities (a Taiwanese, a Hindu, an Indonesian and a Canadian group). In the Major Leagues the circle is more closed (a majority Latino and two minority ones), in the NFL a Pakistani, a Korean and a German sneak in.
For a long time, Rodriguez’s accounts have received money beyond what the Mariners, Rangers and Yankees disbursed. Newport Property Construction, the construction company he created in 2009 with two Cuban-American architects, has managed more than $ 1.5 billion. In 2012 he founded Monument Capital Management, which reports $ 800 million in real estate acquisitions.
Warren Buffett, the fifth richest man in the world, defines Rodriguez as the owner of a money mind. “He only gets involved in things if they are business or money related,” the considered best investor in history said in an interview.
Are they Iraq and Seattle?
If a deal is closed, one of the first tasks of the new group will be to find out the future of Towns. The two-time All-Star, who is 25 and made the playoffs only once in his career with the Timberwolves, has three more seasons and $ 101.5 million left on his contract.
The Timberwolves need to find out if they can keep him, trade him for valuable assets or let him go into free agency with nothing in return.
Taylor plans to establish a single structure to transfer ownership. Rodríguez and Lore will initially own a smaller stake and gradually buy more until they have controlling ownership in about two and a half years, according to USA Today.
The Timberwolves have value to the community, and that’s why Minnesota-native Taylor wants to include a clause that keeps the franchise in Minneapolis, according to reports.
It can be difficult to enforce such a clause in perpetuity. So while there will be rumors and even concerns that Rodriguez wants to move the team to Seattle, keep this in mind: The NBA doesn’t want a current team to move to Seattle as much as it wants the expansion fee ($ 2.5 billion or higher). for a new team in Seattle. Relocation just doesn’t make that much money.
–
At the age of 20, in 1996, already on the Mariners’ big team and with a salary of US $ 442,334, Alex Rodríguez registered his first company; He christened it A-Rod Corp and in 2003 began its aggressive commitment to real estate, the central point of a portfolio that today includes investments from energy companies, shoe manufacturers, beer manufacturers such as Snapchat or DiDi.
Now, just months after losing his first big bet on owning a MLB team (the Mets), Rodríguez may become the first Dominican to own a professional franchise in a major league in the United States.
Glen Tayor bought the Minnesota Timberwolves for $ 90 million in 1994 and can now sell it for 17 times that value to a group led by A-Rod and Marc Lore, an entrepreneur with several successful e-commerce ventures that have created a billion dollar fortune.
Taylor has been trying for years to sell the Lobos, the Karl-Anthony Towns team that has only appeared in the playoffs once in the past 17 seasons. The letter of intent signed by A-Rod and Lore must be answered before May 10th.
Exclusive land
The 30 NBA teams are divided into 60 majority owners according to Forbes; of them only four are from non-American minorities (a Taiwanese, a Hindu, an Indonesian and a Canadian group). In the Major Leagues the circle is more closed (a majority Latino and two minority ones), in the NFL a Pakistani, a Korean and a German sneak in.
For a long time, Rodriguez’s accounts have received money beyond what the Mariners, Rangers and Yankees disbursed. Newport Property Construction, the construction company he created in 2009 with two Cuban-American architects, has managed more than $ 1.5 billion. In 2012 he founded Monument Capital Management, which reports $ 800 million in real estate acquisitions.
Warren Buffett, the fifth richest man in the world, defines Rodriguez as the owner of a money mind. “He only gets involved in things if they are business or money related,” the considered best investor in history said in an interview.
Are they Iraq and Seattle?
If a deal is closed, one of the first tasks of the new group will be to find out the future of Towns. The two-time All-Star, who is 25 and made the playoffs only once in his career with the Timberwolves, has three more seasons and $ 101.5 million left on his contract.
The Timberwolves need to find out if they can keep him, trade him for valuable assets or let him go into free agency with nothing in return.
Taylor plans to establish a single structure to transfer ownership. Rodríguez and Lore will initially own a smaller stake and gradually buy more until they have controlling ownership in about two and a half years, according to USA Today.
The Timberwolves have value to the community, and that’s why Minnesota-native Taylor wants to include a clause that keeps the franchise in Minneapolis, according to reports.
It can be difficult to enforce such a clause in perpetuity. So while there will be rumors and even concerns that Rodriguez wants to move the team to Seattle, keep this in mind: The NBA doesn’t want a current team to move to Seattle as much as it wants the expansion fee ($ 2.5 billion or higher). for a new team in Seattle. Relocation just doesn’t make that much money.
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