Your next job could involve A-Rod. Here’s why

Could A-Rod be your next boss?

Former Major League Baseball star Alex Rodriguez has teamed up with Walmart’s former e-commerce head Marc Lore and the pair are ready to dip their toes into digital retail, according to a new report.

Speaking to CNBC’s “Squawk Box,” Lore said he and the 14-time All Star will target early-stage companies through a new venture capital firmed called Vision Capital People, or VCP. Lore told CNBC that the pair has already invested $10 million for a 40% ownership state in an Instagram start-up dubbed NOW//with, run by two singles mothers, branding expert Nicole Winnaman and TV-vet Abra Potkin.

“Owning 40 to 80% of a company means that you don’t really need as many hits,” Lore said. “One big hit at a 40% stake pays for everything else. And so I do like the idea of these concentrated bets rather than just sprinkling dollars around. We have the ability to actually influence and be a leader in the space that the company is in given the capital and the types of people we’re able to bring in.”

Both Lore and Rodriguez linked up earlier this year when the former New York Yankees star joined the celebrity-backed SPAC, Slam Corp. Rodriguez is the chief executive office of Slam, which will home in on businesses in sports, media, entertainment, health and wellness, and other sectors, Bloomberg reported.

Lore will serve as a special advisor to the blank-check company, according to the report.

Rodriguez, who recently split with longtime girlfriend Jennifer Lopez, told Bloomberg that the venture firm’s name pays homage to late Yankees Owner George Steinbrenner, who died in 2010.

Via Bloomberg:

Rodriguez, 45, said the venture firm’s name of Vision/Capital/People hearkens back to something his old boss, the late Yankees owner George Steinbrenner, told him when he traded for Rodriguez in 2004. Steinbrenner said his vision was to be the greatest in the world, and would spend more than anyone else to surround Rodriguez with the best people.

“That’s why I wanted to play for him,” Rodriguez said. “When Marc said vision, capital and people, it reminded me of George.”

While Rodriguez’s accolades on (and off) the field might steal the spotlight, Lore has a history of being a serious entrepreneur. He previous worked at Walmart after the company acquired his online start-up Jet in 2016 for a reported $3.3 billion.

Lore’s made several high-profile sales including Quidsi, a start-up he sold to Amazon for roughly $550 million in 2010.

Rodriguez and Lore reportedly finalized a deal to buy NBA franchise the Minnesota Timberwolves on Thursday for what is expected to be around $1.5 billion. Front Office Sports said the deal also includes the WNBA’s Minnesota Lynx.

Rodriguez had previously tried to buy the New York Mets last year, but ultimately the team was sold to hedge fund manager Steve Cohen for $2.4 billion in November 2020.