Alex Rodriguez and Marc Lore have purchased the Minnesota Timberwolves from Glen Taylor.
After spending over a month at the negotiating table, former MLB star Alex Rodriguez and tech entrepreneur Marc Lore have agreed to buy the Minnesota Timberwolves from owner Glen Taylor for a reported $1.5 billion.
Rodriguez and his ex-girlfriend Jennifer Lopez were among the finalists to buy the New York Mets from the Wilpons, but lost out to hedge fund manager Steve Cohen. While he made his millions crushing home runs for the Seattle Mariners, Texas Rangers and New York Yankees unbeknownst to Anthony Edwards, Rodriguez enters the professional sports ownership game in the NBA.
It should be noted that the highly successful Minnesota Lynx of the WNBA are part of this deal.
What does Rodriguez and Lore buying the Timberwolves from Taylor mean down the line?
Alex Rodriguez, Marc Lore buy the Minnesota Timberwolves from Glen Taylor
Even though Rodriguez is the bigger name of the two, Lore is the bigger financial partner here from his days running Wal-Mart’s eCommerce division. Together, they will be in partnership with Taylor for two years before he fully relinquishes ownership over to them completely. From there, it will be interesting to see if Rodriguez and Lore plan to keep the Timberwolves in the Twin Cities.
While NBA commissioner Adam Silver may favor expansion to 32 teams before relocating a team, the fact Seattle has not had a franchise in over a decade is criminally embarrassing. The Timberwolves play in the Northwest Division already, so realignment would not happen. However, it may be part of Rodriguez and Lore’s ownership agreement to keep the team in Minneapolis.
After a long ordeal, Rodriguez can finally say he is an owner of a major North American franchise.