{"id":22023,"date":"2021-08-11T05:10:33","date_gmt":"2021-08-11T10:10:33","guid":{"rendered":"https:\/\/myboysay.com\/blog\/?p=22023"},"modified":"2021-08-11T05:10:33","modified_gmt":"2021-08-11T10:10:33","slug":"the-minnesota-wolves-of-the-nba-welcome-retired-major-league-baseball-star-alex-rodriguez-and-entrepreneur-marc-lore-to-the-organization","status":"publish","type":"post","link":"https:\/\/myboysay.com\/blog\/?p=22023","title":{"rendered":"The Minnesota Wolves of the NBA, welcome retired Major League Baseball star Alex Rodriguez and entrepreneur Marc Lore to the organization."},"content":{"rendered":"
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Alex Rodriguez, Marc Lore officially join ownership group of Minnesota Timberwolves<\/h1>\n
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Alex Rodriguez, the former Yankees star, and Marc Lore, an e-commerce billionaire, officially joined the ownership group of the N.B.A.’s Minnesota Timberwolves and the W.N.B.A.’s Minnesota Lynx on Wednesday, after their purchase of a limited stake in the teams was approved by the N.B.A.’s Board of Governors.<\/span><\/span>
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The Wolves welcome retired Major League Baseball star Alex Rodriguez and entrepreneur Marc Lore to the organization on Wednesday.<\/h2>\n<\/div>\n<\/div>\n
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The first increment of the $1.5 billion sale of the Minnesota Timberwolves to e-commerce mogul Marc Lore and retired baseball star Alex Rodriguez has been formally approved by the NBA.<\/strong><\/p>\n

The Timberwolves issued a statement<\/a> Wednesday confirming the transaction and welcoming Lore and Rodriguez to the organization. The deal, which also includes the WNBA franchise Minnesota Lynx, was first reached between current owner Glen Taylor and Lore and Rodriguez this spring and was structured to begin with an initial transfer of a 20% stake in the club this year.<\/strong><\/p>\n

Lore and Rodriguez will then have the right to purchase an additional 20% share in 2022 and an additional 40% share in 2023, when they would become controlling owners of the basketball teams.<\/strong><\/p>\n

\u201cTogether with Marc and Alex, we take another step forward in building a world-class organization both on and off the court,\u201d Taylor said in the statement.<\/strong><\/p>\n

Lore expressed his excitement Wednesday\u00a0in a Twitter post<\/a>.<\/strong><\/p>\n

\u201cAs a middle schooler, I dreamt about owning a sports team \u2014 and today I\u2019m so humbled to be a part of the NBA and WNBA family,\u201d Lore said.<\/strong><\/p>\n

The 80-year-old Taylor purchased the Timberwolves in 1994 for $88 million to keep them from moving to New Orleans. He told reporters when the negotiations with Lore and Rodriguez began that the franchise remaining in Minnesota was a condition of the sale.<\/strong><\/p>\n

Marc Lore, Alex Rodriguez ‘honored’ to officially join Timberwolves, Lynx ownership group<\/strong><\/h1>\n
After staying mostly quiet throughout sale process, Lore and Rodriguez released statements after NBA approved first 20% sale.<\/strong><\/div>\n
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Marc Lore and Alex Rodriguez have not said much publicly since they entered into an agreement with Glen Taylor to become controlling owners of the Timberwolves and Lynx.<\/strong><\/p>\n

But after getting NBA approval this week for their initial 20% buy-in for the franchise, Lore and Rodriguez released statements on social media.<\/strong><\/p>\n

“We are honored to officially join Glen Taylor and the ownership group of the Minnesota Timberwolves and Lynx,” Lore and Rodriguez said in a joint statement. “In this next chapter, we look forward to working with the organization, getting to know the players and devoted fans, and actively engaging in the community.<\/strong><\/p>\n

“Thank you to Glen and Becky Taylor for their partnership throughout this process, and thank you to Commissioner Adam Silver and the NBA for welcoming us into the league.”<\/strong><\/p>\n

Lore and Rodriguez have options to buy subsequent 20% stakes in the franchises in 2022 and 2023, and in doing so would become controlling owners by 2023.<\/strong><\/p>\n

This week cemented them as official members of the organizations. Lore and Rodriguez will have influence over decisions made in the future, but just how much say they will have while Taylor is still the controlling owner is unclear.<\/strong><\/p>\n

“Today is a historic day for my family and me,” Rodriguez wrote on Twitter. “After growing up witnessing my mother work two jobs, I never dreamed this would be possible.”<\/strong><\/p>\n

The approval also comes after Taylor, who also owns the Star Tribune, fended off a legal challenge from minority owner Meyer Orbach, who attempted to halt the sale on grounds Taylor violated their agreement over whether Orbach would get paid now or later for his approximately 16% of the franchise.<\/strong><\/p>\n

Lore and Rodriguez now become the largest minority owners in the franchise.<\/strong><\/p>\n

“We are pleased to officially welcome Marc Lore and Alex Rodriguez to the Minnesota Timberwolves and Lynx family,” Taylor said in a statement. “Together with Marc and Alex, we take another step forward in building a world-class organization both on and off the court.”<\/strong><\/p>\n

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@MarcLore<\/span><\/strong><\/div>\n
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Marc Lore<\/strong><\/h1>\n
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Marc Lore<\/strong><\/div>\n<\/th>\n<\/tr>\n
\"Marc<\/a><\/strong><\/td>\n<\/tr>\n
Born<\/strong><\/th>\n\n
Marc Eric Lore<\/strong><\/div>\n

May 16, 1971 (age\u00a050)<\/span><\/strong><\/p>\n

Staten Island, New York<\/a><\/strong><\/div>\n<\/td>\n<\/tr>\n
Education<\/strong><\/th>\nBucknell University<\/a> (Bachelor of Arts)<\/strong>
\nColumbia University<\/a> (Dropped out)<\/strong>
\nWharton School of the University of Pennsylvania<\/a> (Dropped out)<\/strong><\/td>\n<\/tr>\n
Occupation<\/strong><\/th>\nSerial entrepreneur<\/strong><\/td>\n<\/tr>\n
Known\u00a0for<\/strong><\/th>\nWalmart<\/a> eCommerce CEO, GARP<\/a>, Diapers.com<\/a> and Jet.com<\/a><\/strong><\/td>\n<\/tr>\n
Spouse(s)<\/span><\/strong><\/th>\nCarolyn Lore (divorced)<\/strong><\/td>\n<\/tr>\n
Children<\/strong><\/th>\n2 daughters \u2013 Sierra and Sophia<\/strong><\/td>\n<\/tr>\n
Parent(s)<\/strong><\/th>\nPeter Lore, Chiara Lore<\/strong><\/td>\n<\/tr>\n
Website<\/strong><\/th>\nwww.linkedin.com\/in\/marclore<\/a><\/span><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Marc Eric Lore (pronounced LorEE, born May 16, 1971) is an American entrepreneur,<\/sup> businessman, and investor. From 2016 to 2021, he was the President<\/a> and CEO<\/a> of Walmart<\/a> U.S. eCommerce. He was appointed in September 2016 to lead Walmart’s e-commerce division when his company Jet.com<\/a>, an e-commerce website launched in 2014, was acquired by Walmart, Inc. Walmart purchased Jet for $3.3 billion. Prior to Jet, Lore was the CEO and co-founder of Quidsi<\/a>, the parent company of a family of websites including Diapers.com<\/a>. Quidsi was sold in 2011 to Amazon<\/a> for $545 million. Lore was named regional Entrepreneur of the Year by Ernst & Young<\/a> in 2011, one of the \u201csmartest people in technology\u201d by Fortune<\/a>,<\/i> and dubbed the LeBron James of e-commerce by Matt Higgins (businessman)<\/a>.<\/strong><\/p>\n

After stepping down from Walmart, Recode reported that Lore’s latest project will be \u201ca multi-decade project to build \u2018a city of the future\u2019 supported by \u2018a reformed version of capitalism<\/strong><\/p>\n

Investor<\/span><\/strong><\/h3>\n

Lore is the lead investor in Archer Aviation, an electric vertical takeoff and landing (eVTOL) company focused on advancing the benefits of sustainable air mobility. In February 2021, Archer announced Lore would be investing an additional $10 million as the company announced their $1 billion purchase order from United Airlines<\/a> and a SPAC<\/a>.<\/sup><\/strong><\/p>\n

On May 12, 2021 Alex Rodriguez<\/a> and Lore announced a new venture capital<\/a> firm called Vision Capital People or VCP. The new company, which will be called Vision\/Capital\/People, or VCP, launches with $50 million of the pair’s own money and could eventually raise $300 million to $500 million. Rodriguez and Lore plan to take early-stage stakes of 40% to 80% in their portfolio companies, much larger than the typical venture approach, a model that Lore said he found \u201cfrustrating\u201d when he sought capital for his previous startups. Their first investment is NOW\/\/with, a social commerce company.<\/strong><\/p>\n

On April 10, 2021, Lore and Alex Rodriguez<\/a> signed a letter of intent to purchase the Minnesota Timberwolves<\/a> and Minnesota Lynx<\/a> from Glen Taylor<\/a>.<\/sup><\/strong><\/p>\n

In 1996 Lore qualified for the U.S. National Bobsled<\/a> Team but chose to go stay with his banking job instead of train, therefore losing his seat on the national team for the 1998 Winter Olympics<\/a>.<\/sup><\/strong><\/p>\n

Alex Rodriguez<\/strong><\/h1>\n
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@AROD<\/span><\/strong><\/div>\n<\/div>\n
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Alex Rodriguez<\/span><\/strong><\/th>\n<\/tr>\n
\"Alex<\/a><\/strong><\/p>\n
Rodriguez in 2015<\/strong><\/div>\n<\/td>\n<\/tr>\n
Shortstop<\/a> \/ Third baseman<\/a><\/strong><\/td>\n<\/tr>\n
Born: July 27, 1975 (age\u00a046)<\/span><\/strong>
\nManhattan<\/a>, New York City<\/strong><\/td>\n<\/tr>\n
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Batted: Right<\/strong><\/td>\nThrew: Right<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n
MLB debut<\/strong><\/th>\n<\/tr>\n
July 8,\u00a01994,\u00a0for the\u00a0Seattle Mariners<\/strong><\/td>\n<\/tr>\n
Last MLB appearance<\/strong><\/th>\n<\/tr>\n
August 12,\u00a02016,\u00a0for the\u00a0New York Yankees<\/strong><\/td>\n<\/tr>\n
MLB statistics<\/strong><\/th>\n<\/tr>\n
Batting average<\/a><\/strong><\/th>\n.295<\/strong><\/td>\n<\/tr>\n
Hits<\/a><\/strong><\/th>\n3,115<\/strong><\/td>\n<\/tr>\n
Home runs<\/a><\/strong><\/th>\n696<\/strong><\/td>\n<\/tr>\n
Runs batted in<\/a><\/strong><\/th>\n2,086<\/strong><\/td>\n<\/tr>\n
Teams<\/strong><\/th>\n<\/tr>\n
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Career highlights and awards<\/strong><\/th>\n<\/tr>\n
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