Alex Rodriguez and Mark Lore are set to become majority owners of the Minnesota Timberwolves and Minnesota Lynx, according to ESPN’s Adrian Wojnarowski. The two will exercise their option to acquire controlling ownership and double their ownership stake in the teams by early 2024.
This majority purchase is still subject to approval by the NBA Board of Governors. However, Rodriguez and Lore have been gradually increasing their ownership in the Timberwolves over the past few years. In 2021, they agreed to purchase the team from longtime owner Glen Taylor for $1.5 billion, with a unique stipulation for a multi-year transition process. This allowed Taylor to retain ownership for a few more years while Rodriguez and Lore familiarized themselves with the league.
In 2023, Rodriguez and Lore made another $290 million payment towards their team purchase. The recent agreement represents the final payment in the transition phase, giving them an 80 percent ownership stake in both the Timberwolves and Lynx.
Glen Taylor originally bought the Timberwolves for $94 million in 1994 and acquired the Lynx five years later. During Taylor’s 30-year tenure as owner, the Timberwolves made the playoffs only 11 times and won two postseason series.
Rodriguez and Lore have already made their mark on the team’s basketball operations. They signed president of basketball operations Tim Connelly to a five-year, $40 million contract and finalized the trade for Rudy Gobert.
The Timberwolves are off to a hot start this season with a franchise-best winning percentage through 29 games. Their 22-7 record has put them in the top seed position in the league, according to Stathead.
With Rodriguez’s background as a former Yankees third baseman and Lore’s entrepreneurial success, their ownership of the Timberwolves and Lynx brings a combination of sports and business expertise. As they take on majority ownership, fans will be eager to see how they shape the future of these Minnesota teams.
