Wolves sale approved, as Taylor sends 20% to Lore, Rodriguez

MINNEAPOLIS (AP) — The first increment of the $1.5 billion sale of the Minnesota Timberwolves to e-commerce mogul Marc Lore and retired baseball star Alex Rodriguez has been formally approved by the NBA.

The Timberwolves issued a statement Wednesday confirming the transaction and welcoming Lore and Rodriguez to the organization. The deal, which also includes the WNBA franchise Minnesota Lynx, was first reached between current owner Glen Taylor and Lore and Rodriguez this spring and was structured to begin with an initial transfer of a 20% stake in the club this year.

Lore and Rodriguez will then have the right to purchase an additional 20% share in 2022 and an additional 40% share in 2023, when they would become controlling owners of the basketball teams.

“Together with Marc and Alex, we take another step forward in building a world-class organization both on and off the court,” Taylor said in the statement.

Lore expressed his excitement Wednesday in a Twitter post.

“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 said.

The 80-year-old Taylor purchased the Timberwolves in 1994 for $88 million to keep them from moving to New Orleans. He told reporters when the negotiations with Lore and Rodriguez began that the franchise remaining in Minnesota was a condition of the sale.

———

More AP NBA coverage: https://apnews.com/hub/NBA and https://twitter.com/AP—Sports

———

The story has been updated to correct the option for the 2023 purchase figure.

SportsPlus

Local News

Comedian Bob Newhart, deadpan master of sitcoms and telephone monologues, dies at 94

Local News

Trump has given no official info about his medical care for days since an assassination attempt

Local News

Lake Charles Police Department to host free National Night Out community event

life

Cajun Music and Food Festival introduces inaugural accordion contest

Crime

7/18: Calcasieu Parish Sheriff announces arrest list

Business

BREAKING: Smoke from Calcasieu Refinery blamed on flare

Jim Gazzolo

Jim Gazzolo column: Goff ready to turn the page on 2023

Local News

Toddler dies after shooting himself in the face, sheriff says

McNeese Sports

Early work for Cowboys

Local News

WEATHER WATCH: Torrential downpours in forecast

life

Chicken Fest: See plenty of poultry in motion Saturday at West Cal Arena

Local News

Enterprise Boulevard project goal: Strengthen connection between north, south LC

Local News

PHOTO GALLERY: Victory Day at Cowboy Stadium

Local News

Victory Day: McNeese players create field of smiles for special needs fans

Local News

Multiple failures, multiple investigations: Unraveling the attempted assassination of Donald Trump

Crime

7/17: Calcasieu Parish Sheriff announces arrest list

McNeese Sports

Fixer Upper

life

Library invites feedback on resident needs, library priorities

Local News

Speaker Johnson: ‘We will make American safe again’

life

PHOTO GALLERY: Summer Culinary Camp

Local News

Parlez-vous francais? French table group meets to practice their French-speaking skills

life

Exchange project allows teenagers to visit different states for free

Jim Beam

Jim Beam column: Assassination turmoil averted

Local News

Candidates begin qualifying for November election today