Alex Rodriguez and Marc Lore’s Minnesota Timberwolves purchase reaches crucial stage

Pretty soon, the Minnesota Timberwolves and Lynx will have new controlling owners.

According to ESPN’s Adrian Wojnarowski, Alex Rodriguez and Marc Lore “are expected” to exercise their option to acquire controlling ownership interest of the Timberwolves and Lynx as soon as Thursday, Dec. 28. Technically, they have until a deadline of Dec. 31 to exercise the option.

ESPN Sources: Marc Lore and Alex Rodriguez are expected to exercise their option to acquire controlling ownership interest of the Minnesota Timberwolves and Lynx from Glen Taylor as soon as today. They have a Dec. 31 deadline. pic.twitter.com/qCYnBZJ0pG

— Adrian Wojnarowski (@wojespn) December 28, 2023

The option being exercised has long been expected, but the most recent reports had A-Rod and Lore requesting another payment extension that would have pushed this payment out to March. Clearly, they have decided not to wait that long.

The execution of the agreement puts in motion the purchase of an additional 40 percent of the franchise from current majority owner Glen Taylor. This would then give Rodriguez and Lore a total of 80 percent of the majority ownership by early 2024.

Final purchase must be approved by NBA

While exercising the option is another big step for Rodriguez and Lore, the majority purchase is still subject to the approval of the NBA Board of Governors.

If approved, this means that after 30 years of majority ownership, Taylor’s reign will soon be over. However, the Springfield, Minnesota native will still retain 20 percent of team ownership.

Still, for Rodriguez and Lore, a three-year pursuit that began with the $1.5 billion purchase from Taylor in 2021 is now finally nearing its end. And it couldn’t come at a better time, with the Timberwolves on track for their best season in franchise history.

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