Former New York Yankee and legendary MLB player Alex Rodriguez has certainly cemented his place in sports history.
Now, the slugger is reportedly looking to make waves in the sporting industry behind the scenes.
Per reports from the New York Post, A-Rod is looking to create a private equity fund that will take stakes in professional sports teams in the U.S. including the MLB, NFL and NHL, and international soccer and cricket teams.
Rodriguez is hoping that the fund will have assets “in the billions,” a source close to the situation told the Post.
The superstar is currently in the process of purchasing the NBA’s Minnesota Timberwolves with billionaire entrepreneur Marc Lore. The pair completed another $290 million payment toward the acquisition in March of this year. They still have one more payment installment before they become majority owners, which is slated to happen by the end of March 2024.
Rodriguez is also chairman and CEO of the aptly named A-Rod Corp, an investment firm that backs companies across many industries, which is helping fund his deal to acquire the Timberwolves.
Should the MLB star’s new fund take flight, he would most likely not be able to invest in minority stakes for NBA teams as he would already be the majority owner of a competing team.
“Alex’s successful purchase of the Timberwolves franchise has drawn the interest of large PE firms and institutional investors who are courting him to create sizable PE funds that would invest in the broader sports and real estate universe,” the source told the Post.
Rodriguez has reportedly hired recruiters to him find managers for the fund.
Through A-Rod Corp, Rodriguez has invested in the MMA sporting league PFL, where he sits on the board of directors.
His net worth is an estimated $350 million.
This story originally appeared on Entrepreneur
