Alex Rodriguez and Marc Lore have exercised their option to purchase the next 20% of the Timberwolves and the Lynx, according to The Athletic, marking the second step of their three-step plan to take over the two Minnesota basketball franchises.
Rodriguez and Lore had until the end of the day on Saturday to inform majority owner Glen Taylor of their decision, as previously agreed upon in 2021 when Rodriguez and Lore opted to buy the teams in installments. They will now have until March 15 to close the purchase of the second 20%, which would bring them to 40% ownership in the franchises with roughly $600 million already having been paid.
The third, and final, step of the sale must come by Dec. 21, 2023, when Lore and Rodriguez must exercise their option to purchase another 40% of the team. The plan is for Taylor to hold on to the final 20% of the franchises after yielding majority control, according to The Athletic.
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If Lore and Rodriguez miss either of the next two payments, Taylor has the right to nullify the current plan and keep the two as limited partners in the teams. However, the three have already developed a strong business relationship during their time together, as Taylor worked with both of Rodriguez and Lore to hire renowned Nuggets president of basketball operations Tim Connelly to the Timberwolves. The trio also consulted closely on the contract extension for Lynx coach and president Cheryl Reeve, per The Athletic.
After making the playoffs last season, the Timberwolves are off to a tepid start to the 2022–23 campaign. Approaching the midway point of the season, Minnesota is 16–19 and currently 11th in the Western conference.
