December 29th 2023.
Alex Rodriguez, the former MLB player, is taking his business interests to the next level. Along with his business partner Marc Lore, he has announced his intention to purchase 40% of the Minnesota Timberwolves and Lynx. This purchase would make them majority owners of the two franchises.
ESPN's Adrian Wojnarowski reported that Rodriguez and Lore have until the end of the year to make the purchase. After the purchase is approved by the NBA Board of Governors, they will have 80% ownership of the two teams.
The timing of the purchase is especially appealing, as the Timberwolves are having their best start in team history. With a 22-7 record, they sit atop the Western Conference.
The current owner of the Timberwolves, Glen Taylor, bought the franchise in 1994. He will become the minority owner with a 20% stake in the team, but with the option to sell it to the pair at a later time.
Rodriguez and Lore initially bought into the franchise in April 2021. They purchased two installments of 20% of the franchise, which had a valuation of $1.5 billion.
Rodriguez began his professional baseball career in 1994 with the Seattle Mariners. He went on to play for the Texas Rangers and ended his career with the New York Yankees in 2016. Now, Rodriguez and Lore are taking their interests to the next level.
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