former MLB Superstar Alex Rodriguez and e-commerce billionaire Mark Lower have finalized a deal to become the new Timberwolves owners. The deal is expected to be approximately $ 1.5 billion to purchase NBA‘s Minnesota Timber Wolves The WNBA Minnesota Linux.
The two are expected to sign official papers soon.
How much do Laure and Rodriguez pay for Timber Wolves?
Months ago we heard rumors that Alex Rodriguez wanted to buy Timberwolves. His intention is now paying off with his partner Mark Laure.
Rodriguez and Lore signed a letter of intent to buy Timber Wolves from long-term owner Glenn Taylor last month. This started a 30-day negotiation window to finalize the deal. Even though the 30-day window expired on May 10, the two insisted on moving ahead with the deal.
The final deal is expected to be approximately $ 1.5 billion to become the new owners of Timberwolves. The deal also includes Minnesota Linux from WNBA.
There are other notable names that are interested in buying the struggling franchise such as the former NBA player Aaron Avalo And the Memphis GrizzliesMinority owner Daniel Strauss. Former Timberwolf, Kevin Garnett, He was also interested months ago.
What percentage of Timberwolves does Alex Rodriguez own?
Timberwolves would be owned by Alex Rodriguez. 50%. This makes Rodriguez and Lore 50-50 equal partners.
Rodriguez and Lore intend to purchase Timberwolves in phases over the next two years. The two will have full control of the royal around the 2022-2023 NBA season.
Marc Lore net worth
E-commerce billionaire Marc Laure’s net worth is estimated to be roughly $ 4 billion.
Although Lore is not popular in the sports world, she has been known in the e-commerce industry as the President and CEO of Walmart for 5 years. While staying there, Walmart’s e-commerce sales soared 30-40% under his leadership. He resigned from his position in January 2021.
Aside from his successful Walmart stint, he was also a pioneer of successful tech companies like Jet.com and Quidsi. He sold these two companies for millions of dollars.
How will the change of ownership affect Timberwolves?
After the Timberwolves Western Conference Finals appeared in 2004, they fought to reach the playoffs for nearly 17 years. During this period, they only appeared once in the post-season period. And that is in the 2017-2018 season where they lost to Houston Rockets 1-4.
The constant change of line-up and training has always been the problem. Since they are a small market team, they also have trouble signing big names in the free agency market. Hence, there is an urgent need for a change in leadership in the organization. A new owner with a successful sporting background could open the way to a successful new era in Minnesota.
Alex Rodriguez, The famous MLB legend has a hit with him as the new owner of the Timberwolves. His CV consists of 1x World Series Title, 3x MVP, and 14x All-Star. His baseball success must be translated into a winning Minnesota culture.
Meanwhile, Mark Lorre’s leadership has proven influencing the Timberwolves as well. Like he did at Walmart, he could be the catalyst they need to transform their struggling franchise. Although removing the loss culture may take time, the important part is getting started.
While new leadership is a key ingredient in changing things, players and training must be on the same path as well. The Timberwolves’ Primary Duo –Dangelo Russell And the Cities Carl Anthony He’ll be looking to recover from his other horrific regular season campaign.
Also, we are witnessing Anthony EdwardsRise to NBA stardom. His physical tools and his ability to score goals will definitely prove to be an essential part Of the success of Timberwolves in the coming seasons.
Who do you know? They might snatch a playoff game next season under the new Timberwolves owners. It all starts with a change of culture.
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