Former New York Yankee and legendary MLB participant Alex Rodriguez has actually cemented his place in sports activities historical past.
Now, the slugger is reportedly seeking to make waves within the sporting business behind the scenes.
Per reviews from the New York Submit, A-Rod is seeking to create a personal fairness fund that may take stakes in skilled sports activities groups within the U.S. together with the MLB, NFL and NHL, and worldwide soccer and cricket groups.
Rodriguez is hoping that the fund can have property “within the billions,” a supply near the state of affairs advised the Submit.
The famous person is at the moment within the course of of buying the NBA’s Minnesota Timberwolves with billionaire entrepreneur Marc Lore. The pair accomplished one other $290 million fee towards the acquisition in March of this yr. They nonetheless have yet another fee installment earlier than they turn into majority homeowners, which is slated to occur by the top of March 2024.
Rodriguez can be chairman and CEO of the aptly named A-Rod Corp, an funding agency that backs firms throughout many industries, which helps fund his deal to accumulate the Timberwolves.
Ought to the MLB star’s new fund take flight, he would most certainly not be capable of put money into minority stakes for NBA groups as he would already be the bulk proprietor of a competing group.
“Alex’s profitable buy of the Timberwolves franchise has drawn the curiosity of huge PE companies and institutional traders who’re courting him to create sizable PE funds that may put money into the broader sports activities and actual property universe,” the supply advised the Submit.
Rodriguez has reportedly employed recruiters to him discover managers for the fund.
By A-Rod Corp, Rodriguez has invested in the MMA sporting league PFL, the place he sits on the board of administrators.
His internet price is an estimated $350 million.
