The NBA announced Tuesday afternoon that the league’s Board of Governors has unanimously approved the sale of the Minnesota Timberwolves from Glen Taylor to new owners Marc Lore and former MLB star Alex Rodriguez. The transaction, which is expected to close this week, also includes ownership of the WNBA’s Minnesota Lynx.
Lore, the founder, chairman and CEO of Wonder Group, and Rodriguez, a former MLB All-Star and World Series champion with the New York Yankees, will serve as co-chairmen of the Timberwolves with Lore serving as team Governor and Rodriguez as Alternate Governor. The two will serve in reverse roles for the Lynx, with Rodriguez as Governor and Lore as Alternate Governor for their WNBA franchise.
Timberwolves sale: Marc Lore, Alex Rodriguez get ownership for $1.5 billion as Glen Taylor settles dispute
Sam Quinn
The approval of the Timberwolves’ sale makes official a transaction that was initiated in 2021 when Lore and Rodriguez agreed to purchase the franchise from Glen Taylor for $1.5 billion. The sale of the franchise was a complicated process, as arbitration over its terms took place in February before a three-person panel and sided with Lore and Rodriguez, ruling that Taylor — the Timberwolves’ owner since 1994 — had violated the terms of the sale by attempting to nullify it after claiming that the purchasing party had missed a payment.
“We are honored to lead the Timberwolves and Lynx into a bold and exciting new era,” said Lore. “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.”
Added 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 champion, and I’m ready to bring that same commitment and drive to create a winning culture in Minnesota.”
Prior to the transaction’s final approval, Glen and Becky Taylor released a statement thanking Minnesota and its fans for the last 30 years.
“When we kept the Timberwolves from moving to New Orleans in 1994, we did so with the hope of building something that could unite people across Minnesota and beyond. And when we added the Lynx in 1998, it was driven by our belief in supporting women and fully embracing the diversity and promise of the WNBA,” the statement said. “…Though we are stepping away as owners, our love for this organization and this community remains as strong as ever. We will always be fans, cheering from our seats, celebrating your triumphs, and believing in what comes next.”
Lore and Rodriguez assume full control of the Timberwolves coming off a year in which they made the Western Conference finals, but lost 4-1 to the eventual NBA champion Oklahoma City Thunder.
The sale becoming official comes on the heels of two other NBA teams changing ownership as the Los Angeles Lakers were reportedly sold by the Buss family for $10 billion last week and the Boston Celtics were sold for $6.1 billion to Bill Chisholm in March.
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