Report: A-Rod, Lore submit paperwork to complete purchase of Wolves and Lynx
It appears the long, drawn out takeover of the Wolves is finally coming to an end.
According to The Athletic's Shams Charania and Jon Krawczynski, Alex Rodriguez and Marc Lore have reportedly submitted financial documentation to complete their acquisition for majority control of the Wolves and Lynx from current owner Glen Taylor.
The news comes just a day after it was reported by Axios that an investment by a private equity partner in the region of $300 million was rejected by the NBA, while Taylor himself told Minnesota reporter David Shama he was unsure if payment deadline would be met.
Charania is now reporting that another partner, Dyal Capital Partners, has joined the investment group led by Lore and Rodriguez. Though, the Star Tribune is reporting Blue Owl HomeCourt has acquired a minority stake in the team.
The final investment will now await approved by the NBA.
The deadline to complete the process, that started back in July 2021, is the end of March.
Lore and A-Rod purchased an initial 20% stake in the team in July 2021 with an additional 20% purchased in March 2023.
Once the process is completed, the Lore-and-Rodriguez-led group will own 80% of the franchise, with previous owner Glen Taylor holding on to the final 20% of the club.
Apr 12, 2022; Minneapolis, Minnesota, USA; Minnesota Timberwolves co-minority owners Alex Rodriguez and Marc Lore celebrate a victory over the Los Angeles Clippers after a play-in game at Target Center.
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