Marc Lore and Alex Rodriguez are expected to exercise their option to acquire controlling ownership of the Minnesota Timberwolves form Glen Taylor as soon as today. The partners face a December 31st deadline.
The action formalizes their intent to purchase an additional 40 percent of the franchise from Taylor and give Lore and Rodriguez 80 percent ownership by early 2024.
Lore and Rodriguez agreed to buy the Wolves at a $1.5 billion valuation via a tranched-out purchase. Lore and Rodriguez have been working on raising money to finance the next purchase.
