Alex Rodriguez and partner Marc Lore have exercised their option to buy an additional 20% of the Minnesota Timberwolves and Minnesota Lynx, according to The Athletic.
The purchase is a continuation of the pair’s three-step plan to gain full control of both teams, which began with their initial 20% purchase in 2021. They have until March 15 to complete the deal for the Next 20%, which would bring their total to 40 percent team ownership. The next step is to buy 40% more of the team, which they have until December 31, 2023 to decide.
Rodriguez and Lore took on important roles within the organization, particularly for minority owners, in view of future control of the team. They orchestrated the hiring of president of basketball operations Tim Connelly away from the Denver Nuggets and were involved in contract talks with Lynx president and coach Cheryl Reeve.
There was a lot of speculation that Rodriguez and Lore would be unable to finance their purchase of the Timberwolves, but their Purple Buyers Holdings LLC did well in recruiting investors and would be on track to complete the purchase. The deal has been structured into three parts to allow the buying duo to learn about NBA business and to allow current majority owner Glen Taylor to spend more time with the team before taking on a bigger role. relaxed.
By the time Rodriguez and Lore potentially complete the remaining 40% of their deal, they’ll earn around $1.2 billion. If they miss payments, Taylor has the right to cancel their agreement and keep them as minority owners.