Former New York Yankee and legendary MLB participant Alex Rodriguez has definitely cemented his place in sports activities historical past.
Now, the slugger is reportedly trying to make waves within the sporting trade behind the scenes.
Per reviews from the New York Submit, A-Rod is trying to create a non-public fairness fund that can 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 belongings “within the billions,” a supply near the scenario instructed the Submit.
The celebrity is at present within the course of of buying the NBA’s Minnesota Timberwolves with billionaire entrepreneur Marc Lore. The pair accomplished one other $290 million cost towards the acquisition in March of this yr. They nonetheless have another cost installment earlier than they turn into majority homeowners, which is slated to occur by the tip of March 2024.
Rodriguez can be chairman and CEO of the aptly named A-Rod Corp, an funding agency that backs corporations throughout many industries, which helps fund his deal to accumulate the Timberwolves.
Ought to the MLB star’s new fund take flight, he would probably not be capable to spend money on minority stakes for NBA groups as he would already be the bulk proprietor of a competing workforce.
“Alex’s profitable buy of the Timberwolves franchise has drawn the curiosity of huge PE corporations and institutional buyers who’re courting him to create sizable PE funds that may spend money on the broader sports activities and actual property universe,” the supply instructed the Submit.
Rodriguez has reportedly employed recruiters to him discover managers for the fund.
By way of A-Rod Corp, Rodriguez has invested in the MMA sporting league PFL, the place he sits on the board of administrators.
His internet value is an estimated $350 million.
