Marc Lore and Alex Rodriguez have announced the close of the sale for a second 20% of the Timberwolves franchise, including the Lynx, from Glen Taylor. They now own 40% of the franchise, and are on track to assume majority control in 2024.
In a joint statement, the incoming owners said: "We are very excited to enter this next phase of ownership. We very much appreciate Glen's partnership and guidance and will continue to work tirelessly alongside him to bring success to the fans of Minnesota."
The sale price of the Timberwolves was $1.5 billion.
Rodriguez and Lore have been involved in major decisions with the team since agreeing to the purchase in 2021. The Wolves hired Tim Connelly as their president of basketball operations before this season, and turned a major trade in acquiring center Rudy Gobert from the Utah Jazz.
Lore, 51, is a New York-based entrepreneur. Rodriguez, 47, is a former major league baseball star who now works in broadcasting. Taylor, 81, also owns the Star Tribune. He is founder and owner of Taylor Corporation and, under terms of the Timberwolves purchase, will be majority owner until the end of 2023.