NBA Rumors: Alex Rodriguez, Lore Made $290M Payment Toward Full T-Wolves Ownership

Alex Rodriguez and Marc Lore have reportedly made a second payment on their path to full ownership of the Minnesota Timberwolves, per Shams Charania of The Athletic and Stadium, this one for a total of $290 million to bring their stake to 40 percent ownership.

Their combined out-of-pocket payments tally more than $500 million, "more money than the necessary amount so far," per Charania.

The sale is set to be concluded in March 2024.

Rodriguez and Lore were approved to join the ownership group of the Timberwolves and the WNBA's Minnesota Lynx in 2021 by the NBA, the first step in their taking over as principal governors.

This installment marked the second step in a three-step plan for Rodriguez and Lore to take on full ownership. In 2021, they purchased the first 20 percent of the team, and this payment was for the next 20 percent, per Charania and Jon Krawczynski of The Athletic.

Rodriguez and Lore have until Dec. 31 to secure a payment for another 40 percent of the team.

The plan included Rodriguez and Lore joining governor Glen Taylor's ownership group while making payments to purchase the team in installments. The sides agreed to a $1.5 billion valuation for the franchise.

"I like how they think and how they treat people and how they think about working with people," Taylor said in April 2021. "I like that they're both really, really competitive personalities."

Taylor also said at the time that Rodriguez and Lore had no plans to move the Timberwolves out of Minnesota, which was a key point for Taylor as he sought a potential sale.

"To me the odds that it would happen were always very small," Taylor said of selling the franchise. "Then all of a sudden it comes up that I have a buyer and they're very interested and thinking about the long run and they will give me some time to hand it over, give me some time to show what our people can do, if they like them or not. They're all things that are important to me."