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Alex Rodriguez Reaches Agreement to Buy Minnesota Timberwolves for $1.5B
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While things didn t work out between him and Jennifer Lopez, MLB legend Alex Rodriguez has other things to be happy about, including the finalization of the purchase of the Minnesota Timberwolves.
According to reports, A-Rod and business partner Marc Lore have reached an agreement with now-former Timberwolves owner Glen Taylor to purchase the franchise for $1.5 billion. Rodriguez and Lore reportedly have a 50/50 split ownership arrangement.
A-Rod has been on the hunt to purchase a professional sports franchise. Last year, he attempted to purchase the New York Mets with then-fiancée J-Lo, but hedge fund manager Steven Cohen eventually inked a deal with the Wilpon family for $2.4 billion.
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Florida private equity manager indicted in New York for loan fraud By Syndicated Content
By Jonathan Stempel
NEW YORK (Reuters) â A Florida private equity manager has been indicted on charges he lied about his investors in order to obtain a $95 million bank loan for his $500 million fund, federal prosecutors in Manhattan said on Wednesday.
Elliot Smerling, 52, of Lake Worth, Florida, was charged with wire fraud and bank fraud, each carrying a maximum 30-year prison term, as well as aggravated identity theft.
The indictment came after Silicon Valley Bank sued Smerling on March 24, saying he fraudulently obtained the loan after saying he had backing from prominent investors like billionaire hedge fund manager and New York Mets owner Steven Cohen.