Friday, January 27, 2023

Alex Rodriguez and Marc Lore Already Own 40% of the Timberwolves

The sale of Glenn Taylor to the Minnesota Timberwolves is a never-ending story. About a year ago, the still-majority owner of the franchise agreed to transfer it to Alex Rodriguez and Marc Lore in a process that will end in 2024. 1,500 million agreed, with buyers securing 20% ​​in 2021 and agreed to have December 31, 2022 as the deadline to get another 20% of the total. The payments, which they have already made in time to collect 40% of the franchise, despite the reported liquidity problems of the couple and their investment partners.

Ultimately, the new asset will end up paying slightly more than the agreed initial figure due to the revaluation that the organization is experiencing year on year. Although it is still impossible to calculate what amount they will pay. After making this payment, the new owners still have to acquire the remaining 60%, which is divided into 40% to be paid in 2023 and a final 20% in 2024. Clearly, subject to clause to all of them in case of non- compliance. To be completed At the moment, the new investors with whom Lorre and Rodriguez have agreed on this second payment are unknown, as well as the percentage split. It should be remembered that in the first disbursement, Lore had to contribute 13% due to the liquidity crunch of his business partner, who made only 7%.

This year, the pair have already made a name for themselves in decision making for the Timberwolves. He is present at most games the team plays at home and has given the green light to the transfer of Rudy Gobert as well as signing Tim Connelly as GM.

(Cover photo by Rob Carr / Getty Images)

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