Former MLB star Alex Rodriguez and business partner Marc Lore took another step toward becoming the majority owners of the Minnesota Timberwolves and the WNBA‘s Minnesota Lynx.
The two closed the second payment in their purchase of the Timberwolves and Lynx, giving them 40 percent control of the organizations, The Athletic reported Tuesday. Rodriguez and Lore’s latest payment was reportedly worth $290 million, putting them on track to make them the majority owners of both teams with their next payment.
Rodriguez and Lore exercised the option to purchase another 20 percent of the two basketball franchises prior to the Dec. 31 deadline. There were some questions on whether the duo could make their second purchase, though. Rodriguez and Lore spent six months raising money prior to the Dec. 31 option deadline, Sportico reported in December.
The Rodriguez-Lore group came to an agreement to buy the Timberwolves and Lynx from Glen Taylor for a value of $1.5 billion. Rodriguez and Lore made a 20 percent purchase at that time, as they’ve reportedly invested over $500 million into the organizations following Tuesday’s news.
With Tuesday’s $290 million purchase, Rodriguez has made the largest cash input of any former athlete in buying a sports team in one of the four major North…
