Timberwolves Sale Inches Closer to Completion with Second Payment
Owners Lore and Rodriguez Make $290 Million Down Payment
Sale Remains on Track Despite Legal Challenges
MINNEAPOLIS (AP) - The sale of the Minnesota Timberwolves to e-commerce mogul Marc Lore and baseball legend Alex Rodriguez took another step forward with the completion of a $290 million payment.
The payment represents the second installment of the $1.5 billion sale, which was announced in April 2021. The deal has been delayed by legal challenges from former Timberwolves owner Glen Taylor, who claims that Lore and Rodriguez have not met their contractual obligations.
Despite the legal challenges, Lore and Rodriguez remain confident that the sale will be completed. In a statement, they said, "We are committed to the sale of the Timberwolves and are working diligently to resolve the outstanding legal issues. We are confident that the sale will be completed soon."
If the sale is completed, Lore and Rodriguez will become the new majority owners of the Timberwolves. Taylor will retain a minority stake in the team.
The sale of the Timberwolves is part of a larger trend of professional sports teams being sold to investors and business leaders. In recent years, the Los Angeles Clippers, Denver Nuggets, and Sacramento Kings have all been sold to new ownership groups.
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