Regardless of what happens next in their first-round series, the Timberwolves appear to have a bright future. They reached the 2022 NBA Playoffs after finishing 10 games over .500 during the regular season, and they will be able to build around Karl-Anthony Towns and Anthony Edwards moving forward.
But the optimism in Minnesota extends beyond the court. The Timberwolves will make an ownership change in the near future, bringing a sense of excitement to a franchise that has earned postseason berths in just two of the last 18 seasons.
Timberwolves owner Glen Taylor welcomed Marc Lore and Alex Rodriguez to the organization last year, and the partners have pledged to keep the team in Minnesota and build on a strong foundation.
When will Lore and Rodriguez become controlling owners of the franchise? Here’s everything Timberwolves fans need to know about the purchase.
MORE: Breaking down bet between dads of Ja Morant, Karl-Anthony Towns
Who is Marc Lore?
Rodriguez has been in the public eye for decades. He was drafted by the Seattle Mariners in 1993 and went on to enjoy a stellar MLB career until he retired in 2016. He then transitioned into broadcasting and pursued other business opportunities.
The sports world is much less familiar with Lore, Rodriguez’s close friend and business partner who is best known for his work in the e-commerce field. Most notably, the 50-year-old billionaire founded the e-commerce company Jet in 2014, and Walmart eventually acquired Jet for $3.3 billion in 2016.
Lore became the CEO of Walmart U.S. e-commerce and served in that role until January 2021. Walmart CEO Doug McMillion credited Lore for leading the redesign of the company’s website.
“He made the choice to shift all of our resources to Walmart.com rather than the original plan for two brands [Walmart and Jet.com], because he became convinced of the potential of the Walmart brand,” McMillon said.
Lore’s latest big project is Telosa, a city of the future. In his vision, it will be “the most sustainable city in America” that serves as a test for a “new model for society.”
“My goal is to put in billions,” Lore said of the project. “Hopefully we’ll be one of the most admired cities in the world.”
When did Alex Rodriguez and Marc Lore buy the Timberwolves?
Rodriguez and Lore officially joined the ownership group in July 2021. Taylor released a statement at the time, noting that they would also be part of the Lynx organization.
— Minnesota Timberwolves (@Timberwolves) July 21, 2021
“As a middle schooler, I dreamt about owning a sports team — and today I’m so humbled to be a part of the NBA and WNBA family,” Lore tweeted.
How much did Alex Rodriguez and Marc Lore buy the Timberwolves for?
Rodriguez and Lore agreed to a $1.5 billion deal to buy the Timberwolves, but they haven’t taken full control of the team just yet. Their purchase is structured in installments.
They took an initial 20 percent stake in the franchise last year, and they have the right to purchase additional 20 percent this year. Rodriguez and Lore can then purchase an additional 40 percent in 2023, making them the controlling owners of the Timberwolves.
Alex Rodriguez and Marc Lore net worth
While it is difficult to nail down exact figures, Rodriguez is estimated to be worth $350 million, and Lore is estimated to be worth around $4 billion.