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 studies from the New York Post, A-Rod is trying to create a non-public 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 may have belongings “within the billions,” a supply near the scenario instructed the Publish.
The celebrity is currently in the process of buying the NBA’s Minnesota Timberwolves with billionaire entrepreneur Marc Lore. The pair completed another $290 million payment towards the acquisition in March of this yr. They nonetheless have another fee installment earlier than they develop into majority house owners, which is slated to occur by the tip of March 2024.
Rodriguez can also 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 almost certainly not have the ability to 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 buyers who’re courting him to create sizable PE funds that may put money into the broader sports activities and actual property universe,” the supply instructed the Publish.
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 value is an estimated $350 million.
