Alex Rodriguez and Marc Lore are ‘exercising their option for a second 20 per cent stake’ in the Minnesota Timberwolves and Lynx – with the pair aiming to take control of the franchises by the end of next year
- Marc Lore and Alex Rodriguez bought the next 20 percent of the franchises
- Partners have until March 15 to close the purchase of 20 percent
- The move will take them to 40 percent ownership as they continue their plan
- The unconventional plan allows them to control the franchise in installments
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Marc Lore and Alex Rodriguez have exercised their option to buy the next 20 percent of the Minnesota Timberwolves and Minnesota Lynx, according to a report.
The move continues their three-step plan to take full control of the franchises as part of their initial agreement in 2021 to buy the teams in installments.
The duo has until the end of the day on Saturday to notify majority owner Glen Taylor that they have exercised the option and they now have until March 15 to close the second 20 percent, which would take them up to 40 percent. ownership, according to The Athletic.
Marc Lore (left) and Alex Rodriguez (right) have reportedly exercised their option to purchase the next 20 percent of the Minnesota Timberwolves and Minnesota Lynx
The next step is reportedly to buy another 40 percent, which they have until December 31, 2023 to do so.
There was speculation in the league from the offset that the pair would not be able to generate funds but Taylor said he expressed confidence in them building a good relationship.
Lore and Rodriguez have been rewarded with prominent roles within the organization since joining the ownership group.
They were reportedly instrumental in poaching President of Basketball Operations Tim Connelly from the rival Denver Nuggets last summer, consulted with Lynx coach and president Cheryl Reeve’s contract extension and have been fixtures in the Timberwolves game.
The duo is reportedly integral to poaching President of Basketball Operations Tim Connelly
Minnesota Timberwolves owners Glen Taylor, Becky Mulvihill, Lore, and Rodriguez
The unorthodox deal came about as a way for Taylor to retain control of the club for the next two years, while Rodriguez and Lore started as minority partners and learned he had the talent before taking full control in 2023.
However, if Rodriguez and Lore fail to make either of the next two payments, Taylor has the right to void the sale entirely to strike a new deal – and push the sale price even higher.
Michigan businessman Mat Ishbia, who previously explored buying the Timberwolves, has agreed to buy the Phoenix Suns for $4 billion, making the Wolves and Lynx look like a bargain but could also allow Taylor to make a significant push the price tag higher.
Lore and Rodriguez have reportedly recruited other investors to join their Purple Buyers Holdings LLC and new television rights and a possible expansion could allow them to attract more.
Malik Beasley #5 of the Minnesota Timberwolves celebrates with owner Alex Rodriguez
However, Rodriguez’s side of the bargain was said to be in jeopardy earlier this year following his split from Jennifer Lopez.
The baseball legend is reportedly struggling to fund his second payment without his ex-fiancée Lopez by his side.
‘His ability to raise capital has gone from strong to significantly weaker,’ a source, reportedly close to Rodriguez, told the New York Post in August. ‘J.Lo validated her.’
Rodriguez’s side of the bargain was said to be in jeopardy earlier this year following his split from Jennifer Lopez (left)
Marc Lore (far left) remained supportive of Rodriguez, calling him ‘one of’ his best friends
Rodriguez, 47, and Lopez, 53, began dating in 2017, announced their engagement in 2019, and split in 2021, while he was in negotiations to buy the Timberwolves.
But a spokesperson for Rodriguez denied the article, telling DailyMail.com that the Post article was false and that Lore remained supportive of Rodriguez when speaking to the Post in August.
‘I couldn’t imagine having a better partner,’ said Lore. ‘He is one of my best friends. I wouldn’t choose anyone else to be with but Alex.’