Timberwolves sale: Alex Rodriguez, Marc Lore complete new $290 million payment, to be majority owners by 2024
Major League Baseball legend Alex Rodriguez and billionaire businessman Marc Lore completed a new $290 million payment towards their purchase of the Minnesota Timberwolves on Tuesday, according to The Athletic. This was the second of three installments before they become majority owners, which is expected to happen in 2024. When the pair agreed to purchase the Timberwolves from longtime owner Glen Taylor in 2021 for $1.5 billion, they did so under a unique arrangement that called for a multi-year transition process. Under this plan, Taylor, who has owned the Timberwolves since 1994, got a few more years in charge before handing over control, and Rodriguez and Lore got some extra time to learn about the league and bring their finances into order. Even though Rodriguez and Lore are not yet the majority owner s, they have been involved in all of the major decisions the organization has made in recent years. That ...