There’s a new sheriff in town. Or, at least there should be soon.
Marc Lore, Alex Rodriguez Take Step Forward In Timberwolves’ Ownership Bid
On Monday, a group of arbitrators decided that entrepreneur Marc Lore and former MLB star Alex Rodriguez will be the majority owners of the Minnesota Timberwolves, replacing Glen Taylor, per ESPN senior insider. The NBA’s Board of Governors still have to approve Lore and Rodriguez’s bid. Nonetheless, it’s an important step in their efforts to put themselves at the head of the table.
Just in: Arbitrators have ruled Marc Lore and Alex Rodriguez over Glen Taylor as the next majority ownership group of the Minnesota Timberwolves, Lore and Rodriguez told ESPN. The NBA’s Board of Governors now have to approve Lore and Rodriguez. pic.twitter.com/qpF3BW3J7B
— Shams Charania (@ShamsCharania) February 10, 2025
Following the ruling, Lore and Rodriguez released an official statement:
“We are extremely pleased with today’s decision. We look forward to working with the NBA to complete the approval process and close this transaction so that we can turn our attention to winning championships in Minnesota for our incredible fans and the Twin Cities community.”
In April, NBA Commissioner Adam Silver told Dave Campbell of the Associated Press that “the league likely would not have a reason to intervene in the dispute.”
So, What Happened?
Lore and Rodriguez have been business partners since 2021.
In April, they signed a letter of intent to purchase to Timberwolves (and the Minnesota Lynx) from Taylor for $1.5 billion. In the summer, they announced a new venture capital firm (Vision Capital People) and an online brokerage firm (Tornado). They were then approved as minority owners by the NBA with a plan to become majority owners at a later date.
In March 2024, Taylor reneged on the deal. He originally said it’s because Lore and Rodriguez missed the final installment of their payments for an additional 40 percent stake in the Timberwolves. Lore and Rodriguez, who already owned a 36 percent stake, disputed this. According to AP, they were waiting on approval from the NBA on a 90-day extension. Former ESPN insider Adrian Wojnarowski reports that “in the months leading up to the deadline, they searched for ways to raise capital.”
Taylor later admitted to changing his mind because of how the team looked in 2023-24. However, Wojnarowski adds that: “…Lore and Rodriguez submitted financial projections forecasting a sizable retreat in roster payroll that Taylor believed would jeopardize the franchise’s ability to compete for a championship…”
It’s not known whether Lore and Rodgriguez now have the final payment they need to become majority owners. Nonetheless, it appears likely to happen in the long run.
© Bruce Kluckhohn-Imagn Images
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