Alex Rodriguez invests in Professional Fighters League

Former MLB slugger and baseball personality Alex Rodriguez is no stranger to connecting with different sports entities, as he and business partner Marc Lore have a minority ownership stake in the NBA's Minnesota Timberwolves and the WNBA's Minnesota Lynx. 

On Thursday, A-Rod officially entered the world of mixed martial arts. 

As ESPN and The Associated Press explained, Rodriguez has become an investor and board member with the Professional Fighters League. Per an official PFL release, he is part of a group that has added $30 million in new funding for the promotion, and Jabari Young of CNBC wrote that a source said the PFL is now valued at $500 million. 

Rodriguez earned over $450 million just from his playing career. 

"I love the global reach of MMA," Rodriguez said for the official PFL statement. "The PFL continues to build and innovate for fans, media, and fighters and there is massive demand in the marketplace." 

Young noted that the PFL has a media rights deal with ESPN that includes the company airing the promotion's regular-season and postseason cards on its networks and via the ESPN+ streaming service. PFL founder and chairman Donn Davis told CNBC the promotion plans to use this new money to target recognizable fighters who become free agents after their contracts with organizations such as the Ultimate Fighting Championship and Bellator expire. 

"They now have a great option – UFC or PFL," Davis said of building the PFL's roster. "We’re open for business in the pay-per-view division."