A day after the NBA Board of Governors approved Marc Lore and Alex Rodriguez to become part owners of the Minnesota Timberwolves and Lynx, majority owner Glen Taylor officially welcomed the duo to the organization.
“We are pleased to officially welcome Marc Lore and Alex Rodriguez to the Minnesota Timberwolves and Lynx family. Together with Marc and Alex, we take another step forward in building a world-class organization both on and off the court," Taylor said in a statement.
It's been reported that Lore and Rodriguez have purchased 20% of the franchises, with plans to eventually become majority owners. According to ESPN's Adrian Wojnarowski, Taylor will slowly hand over ownership to Lore and Rodriguez over the next 2.5 years.
Per The Athletic's Jon Krawczynski, Lore and Rodriguez will purchase a further 20% of the teams by the end of 2022, followed by 40% more before the end of 2023.
"Today is a historic day for my family and me. After growing up witnessing my mother work two jobs, I never dreamed this would be possible. My partner Marc grew up in New York working a number of odd jobs and dreaming big, like me," Rodriguez wrote in an Instagram post.
"We can’t wait to work together with Glen and Becky Taylor and the ownership group, the Timberwolves organization, and the fans in Minnesota. LET’S GO!"
Lore also commented in an Instagram post:
"Some of my best memories as a kid were centered around sports. As for basketball, I have fond memories of my 6-year-old little sister, Brooke, coming into my room to watch the Knicks games and reciting the names of all the players to me. As a middle schooler, I dreamt about owning a sports team — and today I’m so humbled to be a part of the @nba and @wnba family.
"Looking forward to working with Glen and Becky Taylor and getting to know the players, fans, and community as we kick off this exciting chapter of Minnesota basketball."