Alex Rodriguez aka A-Rod and Marc Lore Acquire Ownership in Minnesota Timberwolves
According to The Athletic, Alex Rodriguez and partner Marc Lore have exercised their option to buy an additional 20% of the Minnesota Timberwolves and Minnesota Lynx. As terms of their initial 2021 deal to purchase the team in three installments, the duo has until the end of the day on Saturday to notify majority owner Glen Taylor that they have exercised the option.
According to reports, they must complete the second 20 percent by March 15 in order to possess 40% of the team. Lore and Rodriguez have until midnight on December 31, 2023, to decide whether to exercise their option to purchase an additional 40% of the club, which would be the next phase in the process.
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Alex Rodriguez enters into NBA ownership
Since becoming part of the ownership group, Alex Rodriguez and his partner Marc Lore have played a significant role in the Timberwolves and Lynx. They assisted in bringing in President of Basketball Operations Tim Connelly last summer and played a key role in the extension of Cheryl Reeve’s contract as head coach and president of the Lynx.
Alex Rodriguez and Marc Lore have exercised their option to purchase the next 20 percent stake of the Timberwolves and Lynx franchises, per @ShamsCharania and @JonKrawczynski
This would bring the duo to 40 percent ownership pic.twitter.com/Aj2ESN2qPr
— Bleacher Report (@BleacherReport) December 30, 2022
In order to prepare for eventual control of the team, Rodriguez and Lore have assumed significant positions inside the company, particularly for minority owners. They facilitated the removal of Tim Connelly, President of Basketball Operations, from the Denver Nuggets and participated in contract negotiations with Cheryl Reeve, President, and Coach of the Lynx.
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