Marc Lore, Alex Rodriguez co-found new sports stock market

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			Marc Lore, Alex Rodriguez co-found new sports stock market
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Timberwolves and Lynx part-owners Marc Lore and Alex Rodriguez are dipping their toes further into the sports investment realm.

Rodriguez and Lore, who are slated to become Minnesota’s majority owners in the coming years, are now co-founders of Mojo — a sports stock market in which fans can “buy” and “sell” players whose value will go up and down based on how they perform in games.

Vinit Bharara is the CEO of the new company. He and Lore constructed a similar business called “The Pit” in the early 2000s, though that was based on sports trading cards. They eventually sold the company to Topps for millions.

“Ever since, however, we always felt it could be much, much bigger,” Bharara wrote in a post on LinkedIn.

Bharara said Lore came to him about a potential relaunch. Changes in the legal landscape have paved the way for an even more unique experience this time around.

“We’re creating an easy-to-use, vertically-integrated app that houses a new sports market, based on predicting uncertain athlete statistics that can accumulate for several years and as long as a player’s career,” Bharara wrote. “That market needs to be tradable and instantly liquid. We’ll start with one market in one sport. In the long run, we’ll have all sports, thousands of players, and many different markets. We ultimately aim to be the definitive place to bet on any and all sports futures and all sports anywhere. All of this means we have to pioneer groundbreaking work at the intersection of complex engineering, advanced data science, sophisticated market making, cutting-edge app design, original content, changing regulation, and a host of other areas.”

Lore and Rodriguez won’t be involved in the day-to-day operations of the company, according to a Bloomberg article released Wednesday. But Lore did offer this to Bloomberg:

“I’ve always thought the idea of a sports stock market was the holy grail — the vision could transform sports, and fandom as a whole,” he said in an email. “For years, I’ve heard people throw around the idea — but nobody has been able to do it. For the concept to truly work, you need underlying principles like intrinsic value and instant liquidity.”

FINCH IS FOR FUN

The madness that was the fourth quarter Monday against Portland was a rarity for an NBA contest, with Karl-Anthony Towns and Patrick Beverley participating in the Target Center wave, and Beverley firing off the T-shirt cannon into the crowd during timeouts.

What did Timberwolves coach Chris Finch think of it all?

“I want these guys to have a good time. I want them to remain professional and keep it within the balance of acceptability. Other than that, I’m still coaching the game,” Finch said. “I just had to check to make sure that they were able to go back in the game if need be, and they had the mindset to do so. But that appeared lost, probably at the point that PB fired a shirt into the crowd.”

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