Alex Rodriguez, former MLB star, and his business partner Marc Lore have moved one step closer to acquiring a majority stake in the Minnesota Timberwolves and the WNBA’s Minnesota Lynx, as they completed the second payment in their purchase of both teams. This latest transaction has given them 40% ownership of the organizations.
With the latest payment reportedly worth $290 million, Alex Rodriguez and Marc Lore are on track to become the majority owners of both the Minnesota Timberwolves and the WNBA’s Minnesota Lynx with their next payment. The duo has already invested more than $500 million into the teams following this development, and the purchase is expected to be fully completed by March 2024.
The Minnesota Timberwolves and the Minnesota Lynx have struggled in recent years, but Rodriguez and Lore’s investment in the teams could potentially turn them around and bring back their former glory. While it’s unclear what changes the new ownership will bring, the future looks promising for the franchises.
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Alex Rodriguez makes largest cash input by a former athlete in purchasing a sports team
Prior to the Dec. 31 deadline, Rodriguez and Lore decided to purchase an additional 20% stake in the two basketball franchises, but there were concerns about whether they would be able to make the second purchase since they spent six months raising money before the deadline.
By investing $290 million, Alex Rodriguez has made the biggest cash input of any former athlete in purchasing a sports team among the four major North American professional sports leagues. Michael Jordan is the only other former athlete to invest over $200 million in buying a professional sports team in one of the four major leagues, after his group purchased the Charlotte Hornets for $275 million.
Last offseason, Rodriguez and Lore made ownership moves with the Timberwolves by hiring Tim Connelly, the president of basketball operations for the Denver Nuggets, for the same role.
In hopes of making back-to-back playoffs for the first time since 2004, the Timberwolves made a significant trade for Rudy Gobert, who has been named Defensive Player of the Year three times.
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