While not yet controlling owners of the organization, Marc Lore and Alex Rodriguez are officially now members of the ownership group for the Timberwolves and Lynx.

Majority owner Glen Taylor released a statement Wednesday, July 21, welcoming Lore and Rodriguez to the fold after finalizing the deal that sold 20% of the organization to Lore and Rodriguez, who are expected to purchase a controlling stake within the next two years.

“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.”

Lore and Rodriguez released their own statement, saying they were “honored” to officially join the ownership group, thanking Glen and Becky Taylor as well as the NBA and league commissioner Adam Silver.

“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,” the two said in a statement.

Newsletter signup for email alerts

On his Twitter account, Lore said he’s looking forward to kicking off “this exciting chapter of Minnesota basketball.” Lore said some of his best memories as a child were centered on sports. He recalled his sister, Brooke, coming into his room to watch Knicks games, and her ability to recite the names of all the players.

“As a middle schooler, I dreamt about owning a sports team,” Lore tweeted, “and today I’m so humbled to be a part of the NBA and WNBA family.”

In a tweet, Rodriguez talked about how growing up, watching his mother work two jobs, he never thought something like this would be possible.

“We can’t wait to work together with Glen and Becky Taylor and the ownership group, the Timberwolves organization and the fans in Minnesota,” Rodriguez tweeted. “LET’S GO!”