A-Rod is set to become the majority owner of the Timberwolves’ franchise, the Lynx

 – Gudstory

A-Rod is set to become the majority owner of the Timberwolves’ franchise, the Lynx – Gudstory

Getting your Trinity Audio player ready...
Rate this post

[ad_1]

Alex Rodriguez.
picture: Getty Images

A-Rod’s transition from tape shots to three-point bombs appears to be complete.

according to ESPN’s Adrian Wojnarowski, Mark Lore and Alex Rodriguez exercise their option to acquire controlling ownership of the Minnesota Timberwolves and Minnesota Lynx. The two will double their ownership stakes in the two teams, becoming majority owners by early 2024.

The majority buyout is still subject to approval by the NBA Board of Governors.

Rodriguez and Lore have been slowly gaining more status on the Timberwolves the past few years. When the two initially agreed to purchase the team from longtime owner Glenn Taylor in 2021, the $1.5 billion agreement came with a unique provision for a multi-year transition process. Taylor has had more time to stick with his team, while Rodriguez and Lore may take a few years to learn more about the league.

In 2023, the two put up another $290 million to buy their team. The third payment agreed upon today is the final payment in the transition, giving Lore and Rodriguez 80 percent ownership of both the Timberwolves and Lynx.

Taylor initially purchased the Timberwolves for $94 million in 1994, then purchased the Lynx five years later. In Taylor’s 30 years as owner, the Timberwolves made the postseason just 11 times and won two postseason series in that span.

The former Yankees third baseman and billionaire businessman has had some involvement in the team’s basketball operations. Rodriguez and Lore signed president of basketball operations Tim Connelly to a five-year, $40 million contract and finalized the deal for Rudy Gobert.

The top-seeded Timberwolves are off to their best start in franchise history. Minnesota’s 22-7 record is the franchise’s best winning percentage through 29 games. according to Statehead.

Comments

No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *