Alex Rodriguez and Marc Lore have reportedly exercised their option to purchase the next 20% of the Timberwolves and Lynx
, marking the second step of their three-step plan to take over the two Minnesota basketball franchises.
Rodriguez and Lore had until the end of the day on Saturday to inform majority owner Glen Taylor of their decision, as previously agreed upon in 2021 when Rodriguez and Lore opted to buy the teams in installments. They will now have until March 15 to close the purchase of the second 20%, which would bring them to 40% ownership in the franchises with roughly $600 million already having been paid.
The third, and final, step of the sale must come by Dec. 21, 2023, when Lore and Rodriguez must exercise their option to purchase another 40% of the team. The plan is for Taylor to hold on to the final 20% of the franchises after yielding majority control, according toIf Lore and Rodriguez miss either of the next two payments, Taylor has the right to nullify the current plan and keep the two as limited partners in the teams.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alex Rodriguez, Marc Lore purchase next 20 percent of Timberwolves, LynxAlex Rodriguez and partner Marc Lore have exercised their option allowing them to purchase another 20 percent of the Minnesota Timberwolves and Minnesota Lynx.
Read more »
James Harden Not Looking for Long-Term Deal With Sixers, Or Anywhere: ReportJames Harden’s future in Philadelphia took center stage after a Christmas Day report, and now it sounds like the Sixers’ enigmatic point guard wants to keep his options open no matter what. By Adam Hermann
Read more »
This Brand's Annual Goodness Report Is The Positivity We Needed TodayThe 2022 Goodness Report is a certified dose of optimism… But it also provides a framework as we strive for a better world. Here are the takeaways. ✨ ft.TomsofMaine mbgpartner
Read more »
Alamo Bowl: Texas vs. Washington scouting reportExpect a lot of points between two potent offenses but Huskies' passing game may be the...
Read more »
Report: Former Purdue, NFL star arrested after altercation over a video gameFormer Purdue, NFL star Chike Okeafor arrested Tuesday after alleged attack over a video game.
Read more »