Former MLB star Alex Rodriguez and business partner Marc Lore took another step toward becoming the majority owners of the Minnesota Timberwolves and the WNBA‘s Minnesota Lynx.
The two closed the second payment in their purchase of the Timberwolves and Lynx, giving them 40 percent control of the organizations, The Athletic reported Tuesday. Rodriguez and Lore’s latest payment was reportedly worth $290 million, putting them on track to make them the majority owners of both teams with their next payment.
Rodriguez and Lore exercised the option to purchase another 20 percent of the two basketball franchises prior to the Dec. 31 deadline. There were some questions on whether the duo could make their second purchase, though. Rodriguez and Lore spent six months raising money prior to the Dec. 31 option deadline, Sportico reported in December.
The Rodriguez-Lore group came to an agreement to buy the Timberwolves and Lynx from Glen Taylor for a value of $1.5 billion. Rodriguez and Lore made a 20 percent purchase at that time, as they’ve reportedly invested over $500 million into the organizations following Tuesday’s news.
With Tuesday’s $290 million purchase, Rodriguez has made the largest cash input of any former athlete in buying a sports team in one of 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, serving as the majority owner of a group that purchased the Charlotte Hornets for $275 million.
Rodriguez and Lore’s full purchase of the team is reportedly expected to be complete by March 2024. However, they’ve already made some ownership moves with the Timberwolves. They hired Denver Nuggets president of basketball operations Tim Connelly for the same role last offseason. Shortly after, the Timberwolves made a big trade for three-time Defensive Player of the Year Rudy Gobert in hopes of reaching the playoffs in back-to-back seasons for the first time since 2004.
Rodriguez is an employee of FOX Sports.
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