Marc Lore and Alex Rodriguez have not said much publicly since they entered into an agreement with Glen Taylor to become controlling owners of the Timberwolves and Lynx.
Marc Lore, Alex Rodriguez 'honored' to officially join Timberwolves, Lynx ownership group
After staying mostly quiet throughout sale process, Lore and Rodriguez released statements after NBA approved first 20% sale.
July 21, 2021 at 9:47PM
But after getting NBA approval this week for their initial 20% buy-in for the franchise, Lore and Rodriguez released statements on social media.
"We are honored to officially join Glen Taylor and the ownership group of the Minnesota Timberwolves and Lynx," Lore and Rodriguez said in a joint statement. "In this next chapter, we look forward to working with the organization, getting to know the players and devoted fans, and actively engaging in the community.
"Thank you to Glen and Becky Taylor for their partnership throughout this process, and thank you to Commissioner Adam Silver and the NBA for welcoming us into the league."
Lore and Rodriguez have options to buy subsequent 20% stakes in the franchises in 2022 and 2023, and in doing so would become controlling owners by 2023.
This week cemented them as official members of the organizations. Lore and Rodriguez will have influence over decisions made in the future, but just how much say they will have while Taylor is still the controlling owner is unclear.
"Today is a historic day for my family and me," Rodriguez wrote on Twitter. "After growing up witnessing my mother work two jobs, I never dreamed this would be possible."
The approval also comes after Taylor, who also owns the Star Tribune, fended off a legal challenge from minority owner Meyer Orbach, who attempted to halt the sale on grounds Taylor violated their agreement over whether Orbach would get paid now or later for his approximately 16% of the franchise.
Lore and Rodriguez now become the largest minority owners in the franchise.
"We are pleased to officially welcome Marc Lore and Alex Rodriguez to the Minnesota Timberwolves and Lynx family," Taylor said in a statement. "Together with Marc and Alex, we take another step forward in building a world-class organization both on and off the court."
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