MINNEAPOLIS, MINNESOTA – Marc Lore and Alex Rodriguez have taken a significant step towards acquiring majority control of the Minnesota Timberwolves and Lynx from Glen Taylor. This move comes after Lore and Rodriguez secured the necessary financial backing from Dyal Capital Partners to finalize the deal. The duo currently owns 40 percent of the team, a result of previous purchases from Taylor dating back to 2021, with plans to take over the remaining 40 percent of the franchise equity.
The acquisition of majority ownership by Lore and Rodriguez is a strategic maneuver as they aim to succeed Taylor as lead owners of the Timberwolves and Lynx. Approval from the NBA’s Board of Governors is still pending, with the timeline for this process remaining unclear. The succession plan put in place involved a gradual shift towards controlling partners, allowing Lore and Rodriguez time to familiarize themselves with the professional basketball landscape and ensure their finances were in order for the $1.5 billion purchase.
Following the exercise of their option to purchase the final 40 percent of the deal in December, Lore and Rodriguez faced a deadline of March 27 to submit the required financial documentation and commitment letters. This crucial step in the ownership transition came shortly after the Carlyle Group, a private equity firm, withdrew its $300 million investment from the Lore-Rodriguez group due to disagreements with NBA investor requirements.
In response to Carlyle’s exit, Lore and Rodriguez quickly secured new partners, including Dyal Capital, to gather the necessary capital to advance the acquisition process. Notable figures like Eric Schmidt, former CEO of Google, are involved in their ownership group. This development unfolds amidst a stellar season for the Timberwolves, who have seen a resurgence in performance on the court, driving increased fan engagement and support.
The team’s success, with a record of 47-22 and a third-place standing in the Western Conference, has revitalized interest in the Timberwolves within Minnesota. Attendance figures have surged, with every home game sold out and a significant rise in local television ratings. Rising star Anthony Edwards has further bolstered the team’s appeal, contributing to their newfound popularity in the region. Lore and Rodriguez’s impact on the organization has been evident, particularly through their influential recruitment efforts and active involvement in shaping the team’s direction under their potential ownership.