Marc Lore and Alex Rodriguez will exercise their option to become controlling owners of the Timberwolves, tweets ESPN’s Adrian Wojnarowski. They have a Dec. 31 deadline to make the move, but sources tell Wojnarowski it could happen Thursday.
The option will give Lore and Rodriguez an additional 40% of the franchise, making them majority owners with an 80% stake by the early part of 2024, Woj adds (link). The purchase, which still must be approved by the NBA’s board of governors, values the team at $1.5 billion.
This will mark the third payment for the new owners, who made their second installment in March. They currently own 40% in their succession plan to take over the Wolves and the WNBA’s Minnesota Lynx from current owner Glen Taylor.
Gore and Rodriguez began buying in to the Timberwolves in 2021, making their first payment that summer. There have been rumors throughout the process that they might not have the financial equity to complete the deal, but they have made every payment according to schedule.
A report last month said the duo was negotiating with the Carlyle Group, a private equity firm, to provide help with financing.
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