Marc Lore and Alex Rodriguez have exercised their option to purchase the next 20 percent of the Minnesota Timberwolves and Minnesota Lynx, according to a report.
The move continues their three-step plan to take full control of the franchises as part of their initial agreement in 2021 to buy the teams in installments.
The duo had until the end of the day on Saturday to inform majority owner Glen Taylor that they have exercised the option and they now have until March 15 to close the second 20 percent, which would take them up to 40 percent ownership, according to The Athletic.
The following step reportedly would be to purchase another 40 percent, which they have until December 31, 2023 to do so.
There has been speculation in the league from the offset that the pair would not be able to come up with the funds but Taylor is said to have expressed faith in them having built a good relationship.
Lore and Rodriguez have been rewarded with prominent roles within the organization since joining the ownership group.
They were reportedly integral in poaching President of Basketball Operations Tim Connelly away from rivals the Denver Nuggets last summer, were consulted on n Lynx coach and president Cheryl Reeve’s new contract extension and have been fixtures at Timberwolves games.
The unconventional deal came about as a way for Taylor to keep control of the club for the next two years, while Rodriguez and Lore begin as minority partners and learnt he ropes before taking over full control in 2023.
However, if Rodriguez and Lore fail to make either of the next two payments, Taylor has the right to void the sale entirely to strike a new deal – and push the sale price higher.
Michigan businessman Mat Ishbia, who previously explored buying the Timberwolves, agreed to buy the Phoenix Suns at a $4 billion valuation, which makes the Wolves and Lynx look like a bargain but could also allow Taylor to significantly push the price tag higher.
Lore and Rodriguez have reportedly recruited other investors to join their Purple Buyers Holdings LLC and new television rights and a possible expansion could allow them to attract even more.
However, Rodriguez's side of the bargain was said to be in jeopardy earlier this year following his split from Jennifer Lopez.
The baseball legend was reportedly struggling to fund his second payment without his ex-fiancée Lopez by his side.
'His ability to raise capital went from strong to meaningfully weaker,' one source, who is reportedly close to Rodriguez, told the New York Post in August. 'J.Lo validated him.'
Rodriguez, 47, and Lopez, 53, began dating in 2017, announced their engagement in 2019, and split in 2021, as he was negotiating the purchase of the Timberwolves.
But a spokesman for Rodriguez rejected the article, telling DailyMail.com that the Post's article was untrue and Lore remained supportive of Rodriguez when speaking to the Post in August.
'I couldn't imagine having a better partner,' Lore said. 'He is one of my best friends. There is no one else I would rather be partners with than Alex.'
