Skip to main content
Tags: alex rodriguez | timberwolves | lynx

Alex Rodriguez Close to Control of Timberwolves, Lynx

Alex Rodriguez Close to Control of Timberwolves, Lynx
Former MLB player Alex Rodriguez attends batting practice for the 88th MLB All-Star Game at Marlins Park in Miami, Florida. (Mike Ehrmann/Getty Images/2017 file photo)

Thursday, 28 December 2023 01:04 PM EST

Alex Rodriguez and business partner Marc Lore are expected to exercise their option to buy another 40% of the Minnesota Timberwolves and Lynx, giving them controlling interest of both franchises, ESPN reported.

They could take action to move forward with the purchase from current majority owner Glen Taylor as soon as Thursday. They have a Sunday deadline.

With the move, Rodriguez and Lore will own 80% of the teams, pending approval by the NBA Board of Governors. Per ESPN, Rodriguez and Lore could have majority ownership wrapped up by early 2024.

The retired MLB star and Lore, a New York entrepreneur, began the $1.5 billion purchase in 2021 with their investment in the first 20%. They added the second 20% in March when they made a $290 million payment.

Taylor, a billionaire Minnesota businessman, paid $88 million for the Timberwolves in 1994 to keep the team from being sold and moved to New Orleans. At the time Rodriguez and Lore made the initial 20% purchase, the sale was conditional on the NBA franchise remaining in Minnesota.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Alex Rodriguez and business partner Marc Lore are expected to exercise their option to buy another 40% of the Minnesota Timberwolves and Lynx, giving them controlling interest of both franchises, ESPN reported.
alex rodriguez, timberwolves, lynx
176
2023-04-28
Thursday, 28 December 2023 01:04 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
Get the NewsmaxTV App for iOS Get the NewsmaxTV App for Android Scan QR code to get the NewsmaxTV App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved