Alex Rodriguez and business partner Marc Lore are expected to exercise their option to buy another 40 percent 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 percent 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 percent. They added the second 20 percent 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 percent purchase, the sale was conditional on the NBA franchise remaining in Minnesota.
–Field Level Media