The NBA formally approved that e-commerce mogul Marc Lore and retired baseball player Alex Rodríguez buy a first stake in the Minnesota Timberwolves for $ 1.5 billion.
The Timberwolves issued a statement Wednesday confirming the transaction and welcoming Lore and Rodríguez. The deal, which also includes the Minnesota Lynx in the WNBA, was originally reached in the second quarter, between current owner Glen Taylor with Lore and Rodriguez.
Its structure contemplates an initial transfer of a 20% stake in the club this year.
Lore and Rodríguez will later have the right to buy another 20% in 2022 and an additional 40% in 2023, when they could be controlling owners of the two basketball teams.
“Together with Marc and Alex, we will take another step to build a world-class organization on and off the court,” Taylor said in a statement.
Lore expressed her excitement Wednesday on Twitter.
“As a high school student I dreamed of owning a sports team – and today I am honored to be a part of the NBA and WNBA family,” Lore said.
Taylor, 80, acquired the Timberwolves in 1994 for $ 88 million to keep them from moving to New Orleans. He told reporters when negotiations began that one condition was to keep the franchise in Minnesota. (AP)