The sale of the Timberwolves is on schedule, sources confirmed Thursday.
The team’s new owners, Mark Lohr and Alex Rodriguez, met their December deadline and elected to purchase the next 20% of the team from majority owner Glenn Taylor. If Lorre and Rodriguez meet the March deadline for their payments, they will own 40% of the Timberwolves.
The new owners are expected to admit limited partners prior to the transaction.
The next option will come at the end of 2023, when Lohr and Rodriguez could agree to buy another 40 percent, making them majority owners.
The sale price of Timberwolves was 1.5 billion dollars.
Rodriguez and Lore have been involved in key decisions with the team since agreeing to a buyout in 2021. The Wolves hired Tim Connelly as their president of basketball operations before this season and made a big trade to acquire center Rudy Gobert from the Utah Jazz.
Lor, 51, is a New York-based entrepreneur. Rodriguez, 47, is a former major league baseball star who now works in broadcasting.
Taylor, 81, also owns the Star Tribune. He is the founder and owner of the Taylor Corporation, and will be the majority owner through the end of 2023 under the terms of the Timberwolves purchase.