The sale of the Timberwolves is proceeding on schedule, sources confirmed Thursday.
New Timberwolves owners on schedule to purchase team
Marc Lore and Alex Rodriguez would own 40% of the team by March, and 80% by the end of 2023.
December 30, 2022 at 2:07AM
The team's new owners, Marc Lore and Alex Rodriguez, met their December deadline and picked up an option to buy the next 20% of the team from majority owner Glen Taylor. If Lore and Rodriguez meet a March closing date for their payment, they will own 40% of the Timberwolves.
The new owners are expected to take on limited partners before that transaction.
The next option would come at the end of 2023, when Lore and Rodriguez can agree to purchase another 40%, making them majority owners.
The sale price of the Timberwolves was $1.5 billion.
Rodriguez and Lore have been involved in major decisions with the team since agreeing to the purchase in 2021. The Wolves hired Tim Connelly as their president of basketball operations before this season, and turned a major trade in acquiring center Rudy Gobert from the Utah Jazz.
Lore, 51, is a New York-based entrepreneur. Rodriguez, 47, is a former major league baseball star who now works in broadcasting.
Taylor, 81, also owns the Star Tribune. He is founder and owner of Taylor Corporation and, under terms of the Timberwolves purchase, will be majority owner until the end of 2023.
After trailing from the first basket to the final 69 ticks, the Timberwolves defeated a Phoenix team that lacked key players but had Devin Booker, who scored 44 points.
