Marc Lore and Alex Rodriguez are closer than ever to becoming majority owners of the Minnesota Timberwolves and Minnesota Lynx, the professional basketball franchises that share a home in Minneapolis.
According to Shams Charania and Jon Krawczynski of The Athletic, Lore and Rodriguez have made a $290 million payment to outgoing owner Glen Taylor.
Marc Lore and Alex Rodriguez have closed a second, $290 million payment toward full ownership of the Minnesota Timberwolves, sources tell me and @JonKrawczynski. The Lore-Rodriguez group now owns 40% of the team. They have one more payment before becoming majority owners.
— Shams Charania (@ShamsCharania) March 28, 2023
Previous reports suggested that a second payment of around a quarter-million dollars was due on March 28, which increases their stake in the ownership to 40%.
They made an initial payment in July 2022 (Charania suggests that payment was also $290 million) and they have another year to put down enough money to become majority owners, according to Sports Business Journal.
Lore and Rodriguez agreed to purchase the teams from Taylor at a $1.5 billion valuation. The Athletic reported earlier this month that Taylor will stay in the picture with about 20% ownership to his name once all is said and done.
