Alex Rodriguez And Partner In Agreement To Buy Timberwolves
MINNEAPOLIS (WCCO) — One of the biggest names in sports is coming to the Minnesota Timberwolves, not as a player, but a team owner. Former Yankees Baseball star, Alex Rodriguez, and e-commerce mogul, Marc Lore, signed a letter of intent with Timberwolves and Lynx owner, Glen Taylor to succeed him as owners of the two pro teams.
The story first broke on Saturday by The Athletic's senior writer, Jon Krawczynski.
When some Wolves fans first learned of this high profile new ownership, they were excited.
"New ownership is new energy, new change," said Victor Lagunas, who wore his Karl-Anthony Towns jersey while playing a game of pick-up basketball at Taft Park in Richfield on Sunday afternoon.
"[Rodriguez] is a champion, he knows sports, he knows what a winning organization looks like," said Peter Rolczynski, who's been a Timberwolves fan since he was 7 years old.
Glen Taylor has owned the Wolves and Lynx for the last 27 years. In his search for a successor, it was priority that the new owners promised to keep both teams here in Minnesota, but Lagunas and Rolczynski have their doubts.
"Those promises that we're going to keep the team here, does that just mean as long as Taylor's the owner?" said Rolczynski. "I want to read the fine print."
"I was nervous," said Lagunas, "We don't want the team to be moved to Seattle."
Krawczynski, however, believes skeptics can take a deep sigh of relief.
"The likelihood of them moving is a lot, a lot smaller than most Wolves fans are really thinking right now," said Krawczynski.
He believes the NBA will opt to expand the league from 30 teams to 32, rather than re-locate existing teams.
"Because of the pandemic, and no fans in the stands for so long, the NBA in general has lost a ton of money. To recoup some of that money, the easiest way for the league to do that is expand and charge a fee to the owners to come in and enter the league," said Krawczynski.
He adds the biggest benefit to keeping both teams in Minnesota is more visibility, which then brings more revenue and free agents.
"Let's just say things work out, and it's Game 1 of next season and Jennifer Lopez is sitting courtside at Target Center, that's a totally different type of feel in that building that we're not used to seeing in Minneapolis," said Krawczynski.
Right now, the plan is for A-Rod and Lore will be limited partners with Glen Taylor for two and half years, before becoming majority partners, when Taylor officially steps down.