In the eyes of the league circles, the ownership transition of Minnesota Timberwolves will eventually continue amid reports of Alex Rodriguez’s financial incapabilities.
As relayed by Jon Krawczynski of The Athletic, multiple sources still believe that there will be no jeopardy and the said deal will smoothly be completed at the end.
Krawczynski adds that Rodriguez and his partner and e-commerce billionaire Marc Lore have gained the trust of Timberwolves owner Glen Taylor upon convincing him to chase for Tim Connelly to become their newest president of basketball operations.
It was reported by Josh Kosman of The New York Post that Rodriguez failed to meet the supposed equal down payment last year with Lore which will give them the 20 percent minority stake of the franchise, wherein the former MLB superstar only reached seven percent of his shares while Lore occupies the remaining 13 percent.
Kosman further provided that the terms of the deal with Taylor notes that the next 20 percent payment has to be received by the end of this year, and Rodriguez is “scrambling to raise his half in addition to the cash he needs for the down payment.” This raised speculations that Lore will potentially take the controlling interest of the club, which doesn’t incline on their plans to handle it equally.
In 2021, both Rodriguez and Lore arranged an agreement with Taylor to buy the Minnesota franchise for a reported $1.5 billion in a unique installment plan.
The next payment is set to be placed at the end of this year, wherein the final one has to be accomplished on Dec. 31, 2023.
