The NBA’s Board of Governors unanimously approved the sale of the NBA’s Minnesota Timberwolves, WNBA’s Minnesota Lynx and G League’s Iowa Wolves to Marc Lore and former baseball star Alex Rodriguez, the NBA said in a statement Tuesday, June 24.
The transaction is expected to close this week.
“We are honored to lead the Timberwolves and Lynx into a bold and exciting new era,” Lore said in a statement. “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.”
Said Rodriguez: “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. I’m incredibly honored and energized to roll up my sleeves and get to work. I know what it takes to be a champ.’
They will serve as co-chairmen, with Lore serving as the Timberwolves’ governor and Rodriguez as alternate governor. For the Lynx, Rodriguez be the governor, and Lore will serve as alternate governor.
Lore and Rodriguez bought the teams from Glen Taylor who agreed to sell the teams for $1.5 billion in 2021. However, the sale turned messy. It was an unusual purchase agreement. Rodriguez and Lore planned to buy the team in three installments – 20%, 20% and another 40% last spring to become majority owners while Taylor helped guide them as owners and stewards of the franchises until the deal was completed.
Nearly 15 months ago, Taylor called off the sale, saying in a statement: “the closing was required to occur within 90 days following the exercise notice issued by Lore and Rodriguez. That 90-day period expired on March 27, 2024. Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur. … The Timberwolves and Lynx are no longer for sale.”
Rodriguez and Lore claimed Taylor had seller’s remorse after the franchises were valued at nearly $3 billion. The dispute ended up in arbitration, and earlier this year, an arbitration ruling stated that Rodriguez and Lore did not violate terms of the purchase agreement.
Taylor decided not to appeal the ruling, setting in motion the final steps of the sale.