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MINNEAPOLIS (AP) — The $1.5 billion sale of the Minnesota Timberwolves from Glen Taylor to an investment group led by e-commerce entrepreneur Marc Lore and former baseball star Alex Rodriguez gained NBA approval on Tuesday, finalizing a complex and contentious process more than four years after the deal was reached.
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The ownership transfer that Taylor tried to stop last year received an unanimous vote from the league’s board of governors that comprises the 30 team owners. The deal, which is expected to close this week nearly 51 months and more than 1,500 days after the initial agreement, includes the four-time WNBA champion Minnesota Lynx.
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The Timberwolves are planning an introductory news conference for Lore and Rodriguez next month in Las Vegas during the NBA Summer League. Lore and Rodriguez will serve as co-chairmen on the board, with Lore as Timberwolves governor and Rodriguez as alternate governor, the league announced. For the Lynx, Rodriguez will serve as governor and Lore as alternate governor.
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“We fully recognize the great responsibility that comes with serving as stewards of these exceptional franchises,” Lore said in a statement distributed by the organization. “We are committed to building an organization that sets the standard for excellence, is universally admired, and rooted in pride that spans generations.”
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The business partners and close friends who met during the pandemic over a Zoom call have said they’re committed to keeping the teams in Minnesota.
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“I’ve dedicated my entire life to the world of sports, not just as a game, but as a powerful force that unites people, uplifts communities, and changes lives,” Rodriguez said. “I’m incredibly honored and energized to roll up my sleeves and get to work. I know what it takes to be a champion, and I’m ready to bring that same commitment and drive to create a winning culture in Minnesota.”
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The 83-year-old Taylor, who grew up on a Minnesota dairy farm and built a fortune with a business that specialized in printing wedding invitations, bought the Timberwolves for about $88 million in 1994 to prevent them from moving after a deal between the original owners and a group in New Orleans was nixed by the NBA.
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After Lore and Rodriguez were outbid for the New York Mets by hedge fund manager Steve Cohen, they turned their attention to basketball after learning Taylor was exploring a sale. The deal was arranged in phases to allow Taylor to stay as a mentor of sorts.
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The value of the franchise has more than doubled since that April 10, 2021, agreement due largely to soaring NBA revenues. Forbes has estimated the Timberwolves are worth $3.1 billion. Sportico’s most recent calculations pegged the club at $3.29 billion. Both publications put them as the third-lowest in the league, playing in a midsized market in a 35-year-old arena.
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The Lynx have been valued between $230 million (Forbes) and $240 million ( Sportico ), in the bottom half of the league that’s in the midst of an expansion to 16 teams by 2028.
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