The first increment of the $1.5 billion sale of the Minnesota Timberwolves to e-commerce mogul Marc Lore and former baseball star Alex Rodriguez has been approved by the NBA.
Timberwolves owner Glen Taylor issued a statement confirming the transaction … and welcoming Lore and Rodriguez to the organization.
The deal also includes the WNBA’s Minnesota Lynx.
It 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 additional 20% shares in 2022 and 2023, when they would become controlling owners.
AP
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