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Report: Alex Rodriguez, Marc Lore Exercise Option to Buy Next 20% of T-Wolves, Lynx

Doric SamDecember 30, 2022

MINNEAPOLIS, MN - APRIL 12: Owners, Alex Rodriguez and Marc Lore of the Minnesota Timberwolves celebrate winning against the LA Clippers after the 2022 Play-In Tournament on April 12, 2022 at Target Center in Minneapolis, Minnesota. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2022 NBAE (Photo by Jordan Johnson/NBAE via Getty Images)
Jordan Johnson/NBAE via Getty Images

Alex Rodriguez and Marc Lore reportedly have taken another step toward assuming ownership of the Minnesota Timberwolves and Minnesota Lynx.

According to The Athletic's Jon Krawczynski and Shams Charania, Rodriguez and Lore exercised their option to purchase the next 20 percent of the franchises, which is a continuation of their three-step plan.

Rodriguez and Lore reached an agreement in 2021 to buy the teams in installments. They faced a Saturday deadline to inform majority owner Glen Taylor that they exercised the option, and now they have until March 15 to secure the next 20 percent. They will then have until Dec. 31, 2023, to purchase another 40 percent of the team.

If either of the next two payments are missed, Taylor will have the right to "nullify the succession plan" while retaining Lore and Rodriguez as limited partners, per Krawczynski and Charania. The duo reportedly has been in regular contact with Taylor, who acts as a mentor to them as he prepares to relinquish control of the Timberwolves, a team he's been the majority owner of since 1994.

For their part, Lore and Rodriguez have "privately expressed confidence to people within the organization, Taylor included, that everything is on track to be completed."

Krawczynski and Charania noted that Lore and Rodriguez have already undertaken more influence than limited partners usually do since they joined the ownership group last year, pointing to their roles in recruiting Tim Connelly away from the Denver Nuggets to become Minnesota's president of basketball operations. They also reportedly were consulted on the contract extension for Lynx head coach and president Cheryl Reeve.

The Timberwolves are in 11th place in the Western Conference with a 16-19 record. Minnesota will return to action on Friday against the Milwaukee Bucks (22-12). The Lynx finished the 2022 season with a 14-22 record and fell short of the playoffs.