The NBA Board of Governors unanimously approved the $1.5 billion sale of the Minnesota Timberwolves and Lynx from Glen Taylor to Marc Lore and Alex Rodriguez on Tuesday, ending a complex four-year ownership transition marked by legal disputes and arbitration. The transaction is expected to close Wednesday, officially transferring control of both franchises to the new ownership group.
The league announced that Lore and Rodriguez will serve as co-chairmen, with Lore assuming the role of Timberwolves governor and Rodriguez as alternate governor1. For the WNBA's Lynx, the roles will reverse, with Rodriguez serving as governor and Lore as alternate governor1.
"We are honored to lead the Timberwolves and Lynx into a bold and exciting new era," Lore said in a statement released by the team2. Rodriguez added: "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"2.
The Timberwolves plan an introductory news conference for the new owners next month in Las Vegas during NBA Summer League3.
The ownership transfer nearly collapsed in March 2024 when Taylor attempted to cancel the sale, claiming Lore and Rodriguez had missed payment deadlines and violated the purchase agreement12. The dispute went to arbitration, where a three-person panel ruled 2-1 in favor of Lore and Rodriguez in February34.
Taylor chose not to appeal the arbitration decision and agreed to proceed with the original $1.5 billion price tag established in 20212. The new ownership group strengthened their position by adding partners including former New York City mayor Michael Bloomberg, former Google executive Eric Schmidt, and Blue Owl Capital, raising an additional $950 million held in escrow2.
Taylor, 83, purchased the Timberwolves for $94 million in 1994, preventing the franchise from relocating to New Orleans12. On Monday, Taylor and his wife Becky released a farewell statement thanking fans for "30 unforgettable years"1.
The deal began in 2021 with a structured acquisition process allowing Lore and Rodriguez to gradually purchase the franchises over three years3. Forbes currently values the Timberwolves at $3.1 billion, while the Lynx are valued at $85 million45.
