Magic Johnson celebrates Friends Alex Rodriguez to buy Timbervolves

After years of effort, Alex Rodriguez and Marc Lore are on the edge Completing their procurement Minnesota Timbervolves. This monitors the decision of Glen Taylora not regretting the verdict of the arbitral panel, which by selling $ 1.5 billion. Magic Johnson None of the time in congratulations of Rodriguez and Lore on their successful business.

“I’m excited about today’s announcement that my friend Alek Rodriguez and his partner Marc Lore became the only owners of Minnesota Timbervolves!” Magic Johnson said In the function of social media in X (previously twitter).

As part of the agreement, Taylor decided not to challenge February February, who favored Lore and Rodriguez in their dispute over the sales contract. The NBA has already begun the transfer process, which will eventually involve the voting of the Board of Governors, in accordance with the sources.

Lora and Rodriguez were first agreed to buy Timbervolve from Taylor 2021. Year through the sale of three-part. The first two tranches, the total 36% team, are transferred as planned for about $ 500 million. However, in March 2024. year, Taylor called for sale, claiming that Lore and Rodriguez violated the terms of the agreement and missed the deadline to complete the agreement.

The dispute was created, and the thing eventually took place in arbitration, where Marc Lore and Alek Rodriguez won in a divided decision from a panel of three judges.

Alek Rodriguez and Marc Lore acquire The Minnesota Timbervolves

Meanwhile, they strengthened their group by providing new partners, including former Michael Bloomberg Michael Bloomberg, former Google Eric Schmidt, and a plan to an Owl, an approved alternative NBA asset management company. The group raised an additional 950 million dollars, placing it in the escrow to prove their commitment to complete the agreement.

In the past six weeks Lore-Rodriguez Group and Taylor by arrangement and reach an agreement on the finalization of sales.

Taylor, in 84. years of this month, turned to the minnesota dairy farm and his wealth has done his work specialized in printing invitation invitations. Volves was 1994. years earned for $ 94 million, he saved a team from a potential move in New Orleans.

Four years ago this month, Lora, former Valmart e-commerce and Rodriguez, a former MLB slugger, which hit 696 points during 22 seasons with New York Yankees, Seattle Mariners and Texas Rangers, approached him a proposal.

During the last two decades, he repeatedly put the team on the market, but eventually he decided to retire every time.

The Timbervolves traded the stars Karl-Anthony cities in Knicks Before the season, but she still wore the second highest payroll of the NBA to $ 202 million. This was launched for five years of five years Anthony Edwards, an extension of $ 245 million and Rudi Gabert’s $ 200 million agreement.

Minnesota is 44-32, in the Western Conference ranked the seventh in the Western Conference and secured a place for playoffs. Neither the NBA nor Timbervolves replied to the comment request.