Marc Lore and Alex Rodriguez have submitted financial documentation to the NBA to acquire majority control of the Minnesota Timberwolves and Lynx from Glen Taylor.
Marc Lore and Alex Rodriguez submit financial documents to complete $1.5 billion purchase of Minnesota Timberwolves and Lynx — story at @TheAthletic with @JonKrawczynski: https://t.co/Y6R2B7L8Ew
— Shams Charania (@ShamsCharania) March 20, 2024
Dyal Capital Partners has joined as an investor, providing the final backing needed to complete the transaction. The Lore-Rodriguez group aims to purchase the remaining 40% of franchise equity and succeed Taylor as lead owners.
However, NBA’s Board of Governors must approve their ownership structure before they can assume full control of the teams, and the timeline for this approval is unclear. Lore and Rodriguez currently own 40% of the team, acquired through previous purchases from Taylor since 2021.
The succession plan was agreed upon with a gradual move to controlling partners, allowing them time to familiarize themselves with pro basketball and arrange their finances.
In December, Lore and Rodriguez exercised their option to purchase the final 40% of the deal with a deadline of March 27 to submit the required documentation. Carlyle Group, a private equity firm, recently withdrew its $300 million investment from the Lore-Rodriguez group due to disagreements with NBA requirements.
Just in: Marc Lore and Alex Rodriguez have submitted signed financial documentation to NBA to complete acquisition of majority controlling ownership of the Minnesota Timberwolves and Lynx from Glen Taylor, multiple sources with direct knowledge told me and @JonKrawczynski. pic.twitter.com/yKc9WnLDLY
— Shams Charania (@ShamsCharania) March 20, 2024
To continue the process, Lore and Rodriguez partnered with Dyal Capital, which includes former Google CEO Eric Schmidt in their ownership group. Meanwhile, the Timberwolves’ successful season, with a 47-22 record and increased popularity, has coincided with Lore and Rodriguez’s involvement in the team’s operations.
The recruitment of Tim Connelly as the Wolves’ president of basketball operations showcased their influence within the organization.
Fans reacted as follows.
No more Glen Taylor pic.twitter.com/bLPcQDNqy5
— TopOFGame (@topofgame2986) March 20, 2024
Hopefully they get @KevinGarnett5KG involved permanently.
— Tsmolz (@tsmolz) March 20, 2024
Taking the NBA to another level
Good commercial move ! 🔊👍🫵🏾
— Zaga👑🟣$LOL (@KingLyon004) March 20, 2024
Praying for a blessed day for everyone reading this 🙏 ❤️
— Zaga👑🟣$LOL (@KingLyon004) March 20, 2024
@Miles_Johnson_ turns out I was wrong about this… still had the final paperwork to do. They just like to sit courtside in the mean time.
— Life of Ty (@2Chadz) March 20, 2024
VEGAS IS READY FOR THEIR BASKETBALL TEAM
— Thomas Minske (@TomMinske) March 20, 2024
Only 1.5billion?!??
— S⚡️ (@WestSS_101) March 20, 2024
Damn retired Alex Rodriguez has been on a threat when it comes to buying teams
— King Dow (@KDBDDowking) March 20, 2024
I would never give Alex respect
Complete liar and cheater.
— JPLAY aka JPY (@jphuckinplay) March 20, 2024
What percentage does JLo own
— Shiny God Worm (@JifyLeax) March 20, 2024
Paying all that money just to lose to Jokic
— Darian Buelter (@buelter_darian) March 20, 2024
No more Glen but is there a move to Seattle in this? 😭
— Cody Sorlien (@SorlienCody) March 20, 2024
Took him 3 years to buy it was this a smart financial decision
— 若いノブ。 (@NOBUJORDAN) March 20, 2024
LETS GO BYE GLEN TAYLOR
— Timberwolves Muse (@Wolvesmuse) March 20, 2024
Wild that A-Rod is going to own a team in MINNESOTA 😭
— Ben (@HowUBenFeller) March 20, 2024
How the heck did they come up with the other $600 million?! What a dramatic turn of events from yesterday wow!
— MN #1 Rube (@jonnyblaze26) March 20, 2024
Didn’t they buy the team back in 2020? I’m confused
— fan account (@Asensii20) March 20, 2024
HERE COMES THE LATEST OWNERS IN TOWN
— Zaga👑🟣$LOL (@KingLyon004) March 20, 2024
Wow. That baseball money really is different
— Han Solo (@RightMamba24) March 20, 2024
