The NBA’s Board of Governors has unanimously approved the sale of the controlling interests in the Timberwolves and the WNBA’s Minnesota Lynx from Glen Taylor to Marc Lore and Alex Rodriguez, the league announced in a press release (Twitter link). The transaction is expected to close this week.
According to Chris Hine of the Minneapolis Star Tribune, the transfer will occur on Wednesday.
The BOG’s approval ends a lengthy battle for majority control of the franchise.
“We are honored to lead the Timberwolves and Lynx into a bold and exciting new era,” Lore said in a statement released by the Timberwolves. “Today marks a momentous milestone for us, and we fully recognize the great responsibility that comes with serving as stewards of these exceptional franchises. We are committed to building an organization that sets the standard for excellence, is universally admired, and rooted in pride that spans generations.”
“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 added in the same statement. “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.”
Taylor nixed the previous tiered payment agreement with Lore and Rodriguez in the spring of 2024, citing a breach of contract and a failure to meet a payment deadline. Lore and Rodriguez disputed that characterization, stating that they had the funds necessary to become majority owners but were awaiting NBA approval and should have been entitled to an extension.
The third payment that was in dispute would have increased Lore and Rodriguez’ share from 36% to about 80% and the purchase agreement stipulated that they could buy out Taylor’s remaining 20% stake anytime before March 2025.
The dispute went to mediation and then a November 2024 arbitration hearing. The arbitrators ruled in favor of Lore and Rodriguez in February. Taylor eventually chose not to appeal the decision, clearing the way for the Board of Governors to vote on the sale. Lore and Rodriguez needed at least 23 votes from the BOG.
Taylor is selling 100% ownership to the Lore/Rodriguez group at the $1.5 billion valuation that was initially agreed upon in 2021. The franchise’s value has increased substantially since that deal was made, which was believed to be a major factor in Taylor’s efforts to try to halt the sale.
Hine notes that Forbes recently estimated the Wolves value at $3.1 billion, with Sportico saying the Lynx are valued at $85MM.
Lore and Rodriguez will serve as co-chairmen, with Lore assuming the role of the Timberwolves’ governor and Rodriguez as alternate governor.