Glen Taylor has agreed to move forward with his sale of the Minnesota Timberwolves and Minnesota Lynx to the Marc Lore-Alex Rodriguez group at the same $1.5 billion price the side agreed upon in 2021. Taylor will not appeal an arbitrators’ ruling from February that ruled in favor Lore-Rodriguez in a dispute over the sale contract.
The NBA has initiated the transfer process and will conduct a board of governors vote.
Lore and Rodriguez initially agreed to purchase the team from Taylor in 2021 in a three-part sale. The first two tranches, totaling 36% of the teams, changed hands for about $500 million as planned.
Over the past six weeks, the Lore-Rodriguez group and Taylor held discussions and came to an agreement to finalize the deal.
Taylor, 83, purchased the Wolves in 1994 for $94 million, saving the team from a possible relocation to New Orleans.
The future of Tim Connelly was tied to a transfer of ownership with Lore’s group expected to sign him to an extension once they take control.