Alex Rodriguez and partner Marc Lore have exercised their option allowing them to purchase another 20 percent 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 the two teams, which began with their initial 20 percent purchase in 2021. They have until March 15 to close the deal for the next 20 percent, which would bring their total to 40 percent team ownership. The next step is to buy 40 percent more of the team, which they have until Dec. 31, 2023 to decide upon.
Rodriguez and Lore have taken on substantial roles within the organization, especially for minority owners, in preparation for 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 the contract talks with Lynx president and coach Cheryl Reeve.
There was plenty of speculation that Rodriguez and Lore would be unable to fund their purchase of the Timberwolves, but their Purple Buyers Holdings LLC has done well to recruit investors and is reportedly on-track to complete the purchase. The deal was structured in three parts to allow the buying duo to learn about the business of the NBA and to allow current majority owner Glen Taylor more time with the team before assuming a more relaxed role.
By the time Rodriguez and Lore potentially close on the remaining 40 percent of their deal, they will be in for around $1.2 billion dollars. If they miss any payments, Taylor has the right to nullify their deal and retain them as minority owners.