Marc Lore and Alex Rodriguez have exercised their option to purchase the next 20 percent of the Minnesota Timberwolves and Minnesota Lynx.

Lore and Rodriguez had until the end of the day Saturday to inform Glen Taylor that they had exercised the option.

The next step will be to purchase another 40 percent of the team. Lore and Rodriguez have until Dec. 31, 2023 to exercise that option.

Lore and Rodriguez have recruited other investors to join their Purple Buyers Holdings LLC, which joined the Timberwolves as limited partners in the summer of 2021. 

The unique structure of the acquisition satisfied Taylor's timeline for not yet wanting to relinquish control while also giving Lore and Rodriguez enough time to raise the capital needed to buy the franchise at a $1.5 billion valuation. Taylor plans on holding on to the final 20 percent of the franchise for some time after relinquishing majority control.