Former MLB star Alex Rodriguez and e-commerce billionaire Marc Lore have finalized a deal to become the new Timberwolves owners. The deal is expected to be around $1.5 billion to purchase the NBA‘s Minnesota Timberwolves and WNBA’s Minnesota Lynx.
The two are expected to sign the official paperwork shortly.
How much are Lore and Rodriguez paying for Timberwolves?
We’ve heard months ago rumors that Alex Rodriguez wants to buy the Timberwolves. His intent is now in fruition with his partner, Marc Lore.
Rodriguez and Lore signed a letter of intent to buy the Timberwolves from long-term owner Glen Taylor last month. This started a 30-day negotiation window to finalize the deal. Although the 30-day window expired on May 10, the two insisted to push through the deal.
The final deal is expected to be around $1.5 billion to become the new Timberwolves owners. The deal also includes WNBA’s Minnesota Lynx as well.
There are other notable names who are interested in buying the struggling franchise such as former NBA player Arron Afflalo and Memphis Grizzlies‘ minority owner Daniel Straus. Former Timberwolf, Kevin Garnett, was also interested months ago.
What percentage of the Timberwolves does Alex Rodriguez own?
Alex Rodriguez will own 50% of the Timberwolves. This makes Rodriguez and Lore 50-50 equal partners.
Rodriguez and Lore intend to buy the Timberwolves in phases over the next 2 years. The two will have full control of ownership around the NBA 2022-2023 season.
Marc Lore’s net worth
E-commerce billionaire Marc Lore’s net worth is estimated to be around $4 billion.
Although not popular in the sports world, Lore is known in the e-commerce industry for being the President and CEO of Walmart for 5 years. During his stay there, Walmart’s e-commerce sales rose up to 30-40% under his leadership. He stepped down from his role in January 2021.
Aside from a successful stint in Walmart, he has also been a pioneer of successful tech companies such as Jet.com and Quidsi. He sold these two companies for millions of dollars.
How will the change of ownership impact the Timberwolves?
After the Timberwolves’ Western Conference Finals appearance in 2004, they have struggled to make the playoffs for almost 17 years. Over that span, they have only appeared once in the postseason. And that’s in the 2017-2018 season where they lost to the Houston Rockets 1-4.
The constant change in the lineup and coaching has been always the problem. Being a small market team, they also have trouble signing big names in the free agency market. Thus, a change in leadership in the organization is much needed. A new owner who has a successful sports background could spark the way for a new winning era in Minnesota.
Alex Rodriguez, a renowned MLB legend, brings great success with him as the new owner of the Timberwolves. His resume consists of 1x World Series Title, 3x MVP, and 14x All-Star. His baseball success should translate to a winning culture in Minnesota.
Meanwhile, Marc Lore’s leadership proves to be impactful to the Timberwolves as well. Like what he did in Walmart, he can be the catalyst that they need to turn around their struggling franchise. Although it may take time to remove the culture of losing, the important part is they start.
While the new leadership is a key ingredient in turning things around, the players and coaching should be on the same page as well. The Timberwolves’ young core duo—D’Angelo Russell and Karl-Anthony Towns will look to bounce back from another terrible regular season campaign.
Also, we are witnessing Anthony Edwards‘ rise to NBA stardom. His physical tools and elite scoring ability will definitely prove to be a key part of the Timberwolves’ success in the next seasons.
Who knows? They might clinch a playoff seed next season under the new Timberwolves owners. It all starts with a shift of culture.