Timberwolves sale: Alex Rodriguez, Marc Lore complete new $290 million payment, to be majority owners by 2024

Rodriguez and Lore have now put down over $500 million towards their purchase of the team

Major League Baseball legend Alex Rodriguez and billionaire businessman Marc Lore completed a new $290 million payment towards their purchase of the Minnesota Timberwolves on Tuesday, according to The Athletic. This was the second of three installments before they become majority owners, which is expected to happen in 2024. 

When the pair agreed to purchase the Timberwolves from longtime owner Glen Taylor in 2021 for $1.5 billion, they did so under a unique arrangement that called for a multi-year transition process. Under this plan, Taylor, who has owned the Timberwolves since 1994, got a few more years in charge before handing over control, and Rodriguez and Lore got some extra time to learn about the league and bring their finances into order. 

Even though Rodriguez and Lore are not yet the majority owners, they have been involved in all of the major decisions the organization has made in recent years. That includes giving Tim Connelly a five-year, $40 million contract in May of 2022 to be the team's president of basketball operations, and finalizing the blockbuster trade to acquire Rudy Gobert. 

"I think we're in a good position and just being opportunistic," Rodriguez said about the trade in July of 2022. "We do have a window for four or five years, and we're taking a swing at it."

While this most recent payment suggests that everything is on track for the deal to be finalized next year, it's worth noting that wasn't always the case. A report from the New York Post in August of 2022 indicated that when the duo made their first down payment in July of 2021, Rodriguez was unable to come up with the money and had to be covered by Lore. In addition, it noted that Rodriguez was struggling to come up with funds for future payments as well. 

Whatever exact financial arrangements have been arranged between Rodriguez and Lore are unclear. All that matters for the sale of the club is that together they have come up with the requisite funding for Tuesday's payment, and are on track to finalize their purchase next year.