Report: A-Rod, Lore submit paperwork to complete purchase of Wolves and Lynx

Originally posted on FanNation All Timberwolves | Last updated 3/20/24

It appears the long, drawn out takeover of the Wolves is finally coming to an end.

According to The Athletic's Shams Charania and Jon Krawczynski, Alex Rodriguez and Marc Lore have reportedly submitted financial documentation to complete their acquisition for majority control of the Wolves and Lynx from current owner Glen Taylor.

The news comes just a day after it was reported by Axios that the pair's private equity investment in the region of $300 million was rejected by the NBA, while Taylor himself told Minnesota reporter David Shama he was unsure if payment deadline would be met.

Just in: Marc Lore and Alex Rodriguez have submitted signed financial documentation to NBA to complete acquisition of majority controlling ownership of the Minnesota Timberwolves and Lynx from Glen Taylor, multiple sources with direct knowledge told me and @JonKrawczynski. pic.twitter.com/yKc9WnLDLY
— Shams Charania (@ShamsCharania) March 20, 2024

"They have to go out and find new revenue," Taylor was reported as saying. "That I do know. I don’t know if they found it or what they’re going to do. We haven’t seen the schedule of ownership yet."

The deadline to complete the process, that started back in July 2021, was the end of March.

Lore and A-Rod purchased an initial 20% stake in the team in July 2021 with an additional 20% purchased in March 2023.

Once the process is completed, the Lore-and-Rodriguez-led group will own 80% of the franchise, with previous owner Glen Taylor holding on to the final 20% of the club.

This article first appeared on FanNation All Timberwolves and was syndicated with permission.

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