Alex Rodriguez and Marc Lore initiated step two of their three-pronged plan to assume full control of the Minnesota Timberwolves and Minnesota Lynx, sources told The Athletic on Friday.
Rodriguez and Lore exercised their option to purchase the next 20 percent of the two franchises, putting them one step closer to owning both teams.
The pair have until the end of the day on Saturday to inform majority owner Glen Taylor that they have exercised the option, as part of their initial 2021 agreement to buy the team in three instalments. They will need to close the second 20 percent by Mar. 15, which would see them own 40 percent of the team, per sources.
The next step in the process would include the two purchasing another 40 percent of the team; Lore and Rodriguez have until New Year's Eve, 2023 to exercise that option.
Once the second 20 percent is closed, the two will be in the organization for approximately $600 million. Once it closes, they will be one step away from their three-step plan to become general partners and lead decision-makers for the franchise. The final step is the most expensive, as it will essentially double their original investment.
The pair have been deeply involved with both the Timberwolves and Lynx since joining the ownership group; they helped to recruit President of Basketball Operations Tim Connelly last summer, and were prominently involved in Lynx' head coach and president Cheryl Reeve's contract extension.
They've pledged to help modernize the franchise and part of the three-pronged plan was to give them time to learn the NBA before spending $1.5 billion to fully control the team.
The ultimate plan is for Taylor to remain in control of the final 20 percent for an unspecified length of time before relinquishing majority control, according to The Athletic.
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