A-Rod’s transition from tape-measure shots to three-point bombs seems to be complete.
According to ESPN’s Adrian Wojnarowski, Mark Lore and Alex Rodriguez are exercising their option to acquire controlling ownership in the Minnesota Timberwolves and Minnesota Lynx. The two will double their ownership stake in the teams, becoming majority owners by early 2024.
The majority purchase is still subject to approval by the NBA Board of Governors.
Rodriguez and Lore have been slowly accruing a greater state over the Timberwolves in the last few years. When the two initially agreed to purchase the team from longtime owner Glen Taylor in 2021, the $1.5 billion agreement came with a unique stipulation for a multi-year transition process. Taylor got more time to hold onto his team, while Rodriguez and Lore could take a few years to learn more about the league.
In 2023, the two vested another $290 million payment toward their team purchase. The third payment agreed to today is the final in the transition phase, giving Lore and Rodriguez 80 percent of both the Timberwolves and Lynx.
Taylor initially purchased the Timberwolves for $94 million in 1994, buying the Lynx five years later. In the 30 years Taylor served as owner, the Timberwolves made the postseason just 11 times and won two postseason series in that span.
The former Yankees third basemen and billionaire entrepreneur have already had some involvement in the team’s basketball operations. Rodriguez and Lore signed president of basketball operations Tim Connelly to a five-year, $40 million contract and finalized the trade for Rudy Gobert.
The top-seeded Timberwolves are off to their hottest start in franchise history. Minnesota’s 22-7 record is the franchise’s best winning percentage through 29 games, according to Stathead.
Original source here
#ARod #set #majority #owner #Timberwolves #Lynx
