Report: Marc Lore, Alex Rodriguez make second $290 million payment for Timberwolves, Lynx
Marc Lore and Alex Rodriguez are closer than ever to becoming majority owners of the Minnesota Timberwolves and Minnesota Lynx, the professional basketball franchises that share a home in Minneapolis.
According to Shams Charania and Jon Krawczynski of The Athletic, Lore and Rodriguez have made a $290 million payment to outgoing owner Glen Taylor.
Marc Lore and Alex Rodriguez have closed a second, $290 million payment toward full ownership of the Minnesota Timberwolves, sources tell me and @JonKrawczynski. The Lore-Rodriguez group now owns 40% of the team. They have one more payment before becoming majority owners.
— Shams Charania (@ShamsCharania) March 28, 2023
Previous reports suggested that a second payment of around a quarter-million dollars was due on March 28, which increases their stake in the ownership to 40%.
They made an initial payment in July 2022 (Charania suggests that payment was also $290 million) and they have another year to put down enough money to become majority owners, according to Sports Business Journal.
Lore and Rodriguez agreed to purchase the teams from Taylor at a $1.5 billion valuation. The Athletic reported earlier this month that Taylor will stay in the picture with about 20% ownership to his name once all is said and done.
Title: Bring Me The Sports co-owner, editor Email: joe@bringmethenews.com Twitter: @JoeBMTN Education: Southwest Minnesota State University Location: Minneapolis, Minnesota Expertise: All things Minnesota sports Nelson has covered Minnesota sports for two decades, starting his media career in sports radio. He worked at small market Minnesota stations in Marshall and St. Cloud before joining one of the nation's highest-rated sports stations, KFAN-FM 100.3 in the Twin Cities. There, he was the producer of the top-rated mid-morning sports show with Minnesota Vikings announcer Paul Allen. His radio experience helped blossom a career as a sports writer, joining Minneapolis-based Bring Me The News in 2011. Nelson and Adam Uren became co-owners of Bring Me The News in 2018 and have since more than tripled the site's traffic and launched Bring Me The Sports in cooperation with the Sports Illustrated/FanNation umbrella. Nelson has covered the Super Bowl and numerous training camps, NFL combines, the MLB All-Star Game and Minnesota playoff games, in addition to the day-to-day happenings on and off the field of play. Nelson also has extensive knowledge of non-sports subjects, including news and weather. He works closely with Bring Me The News meteorologist Sven Sundgaard to produce a bevy of weather and climate information for Minnesota readers. Nelson helped launch and manage the Bring Me The News Radio Network, which provided more than 50 radio stations around Minnesota with daily news, sports and weather reports from 2011-17.