The plan for Marc Lore and Alex Rodriguez to succeed Glen Taylor as the controlling owners of the Timberwolves continues to move forward, as they have officially made their second payment and now own 40% of the team, sources tell Shams Charania and Jon Krawczynski of The Athletic (all Twitter links).
Lore and Rodriguez made a combined $290MM payment this time around and have now paid out more than $500MM in total, according to Charania and Krawczynski. Both owners have committed more than $200MM individually and have invested more than the required amount to this point in their agreement to buy the Wolves and the WNBA’s Minnesota Lynx.
The final stage of the ownership change would see Lore and A-Rod exercise an option to buy another 40% of the team by December 31, 2023. The last payment is on track for March 2024, per The Athletic’s duo — assuming that happens, Lore and Rodriguez would then control 80% of the team, while Taylor would be a minority owner with a 20% stake.
Lore and A-Rod released a statement confirming the news, writes Chris Hine of The Star Tribune.
“We are very excited to enter this next phase of ownership. We very much appreciate Glen’s partnership and guidance and will continue to work tirelessly alongside him to bring success to the fans of Minnesota.”
Rodriguez — a former MLB star — has now invested more cash than any former athlete purchasing a professional sports team, according to The Athletic. He has surpassed Michael Jordan, who paid $180MM to buy the Hornets in 2010.
There were reportedly some concerns in 2022 about A-Rod’s liquidity and some speculation that the plan for Rodriguez and Lore to assume majority control of the Wolves could be in trouble, but clearly it remains on track. Lore is a tech entrepreneur who made his fortune in eCommerce.