May 2021, Alex Rodriguez and Marc Lore paid 1.5 billion dollars to afford the Wolves and the Lynx, and they committed up to 50% each. Current owner Glen Taylor has opted for a gradual change of hands as the Rodriguez-Lore tandem will only have full control of the franchise at the start of the 2023/24 season, with a payment spread over the transition period.
One year from the deadline, the New York Post reveals that Rodriguez is having payment difficulties, and their 50/50 commitment might be reviewed. The daily reports that “A-Rod”, weighed down by his divorce from Jennifer Lopez, failed to fulfill his share of the first installment, and it was Lore who completed. One year from the handover, Lore now owns regarding 13% of the capital of the Timberwolves while A-Rod has only 7%.
Also according to the New York Post, the next payment of 20% of the lump sum is expected by the end of the year, and Rodriguez still does not have the funds. Asked regarding their reports, Lore told the Post that “lui and A-Rod were always partners and made all team decisions together“. Clearly, even if Rodriguez pays less money, there is no relationship of subordination between the two. For the moment, the two retain the same decision-making power, and it is together that they have validated the arrival of Rudy Gobert.
The Post finally specifies that Lore, multi-billionaire, has the means to afford the franchise alone, and that this does not call into question the takeover of the franchise. In addition, the NBA stipulates that for an investor to be considered a “co-owner” of a franchise, he must hold 15% of the capital. For Rodriguez, that means he will have to pay a minimum of $200 million.
