How Much Money is $350M Rich Alex Rodriguez Expected To Pay for Full Ownership Stake at Minnesota Timberwolves?

The Minnesota Timberwolves have pleasantly surprised many people with their stellar start to the 2023-24 season. The Timberwolves are in unfamiliar territory, as they top the Western Conference standings going into the new year. After decades of mediocrity, the Timberwolves’ fans finally have a team that they can fully get behind. The Timberwolves are experiencing changing times on the court as well as off the court.

Recently, reports have emerged that minority owners of the Timberwolves, Marc Lore and Alex Rodriguez, could acquire a controlling stake of the franchise. But how much would they have to shell out for the controlling stake?

Lore and A-Rod pay $290 million to complete the takeover

The Minnesota Timberwolves have been owned by Glen Taylor since 1994. However, in 2021, Taylor decided to sell his majority stake to Marc Lore and Alex Rodriguez for $1.5 billion dollars. Despite agreeing on a deal in 2021, the multi-year transition process allowed Taylor to exert control for a few more years. However, Lore and A-Rod have exercised the option to acquire controlling stake of the franchise. According to ESPN’s Adrian Wojnarowski, “The action formalizes intent to purchase additional 40 percent of franchise from Taylor and give Lore and Rodriguez 80 percent of teams and the majority ownership by early 2024.”

The takeover hasn’t been entirely smooth sailing. A report from the New York Post in August 2022 implied that A-Rod struggled to find money for the first down payment. Eventually, Marc Lore decided to cover A-Rod’s part of the deal. The second down payment is estimated to be around $290 million. Apart from the Timberwolves, the duo will also acquire a controlling stake of the WNBA team, the Minnesota Lynx. Could the arrival of new owners mark the beginning of a successful era for the Timberwolves?

The dawn of a new era

Despite not being a popular owner, Glen Taylor controlled the Timberwolves for almost 30 years. His departure marks the end of an underwhelming era. However, the future looks bright for Minnesota, as after years of sub-par performances, the Timberwolves finally look like a title contender. They have taken the NBA by storm with their suffocating defense and have recorded a defensive rating of 108.5, which is the best mark in the league.

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The Timberwolves currently occupy the first spot in a fiercely competitive Western Conference, with 22 wins and 7 losses. Boasting a lineup featuring Anthony Edwards, Karl-Anthony Towns, and Rudy Gobert, the Timberwolves present a formidable challenge for any franchise. After enduring years of disappointment, can the Timberwolves finally provide their fans with something to celebrate?

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