David Sherman | Nationwide Basketball Affiliation | Getty Pictures
4 years after beginning the method to take over, Marc Lore and Alex Rodriguez are formally in control of the Minnesota Timberwolves.
The NBA Board of Governors unanimously accepted the sale on Tuesday of the controlling pursuits in each the Timberwolves and the WNBA’s Minnesota Lynx from Glen Taylor, whose possession of the Timberwolves involves an finish after 31 years.
In a $1.5 billion transaction that’s anticipated to shut this week, Lore and the three-time Main League Baseball MVP Rodriguez will function co-chairmen. Lore will sit because the Timberwolves’ governor whereas Rodriguez will turn into alternate governor. These roles flip for the Lynx.
Tuesday’s vote concludes a drawn-out course of for Lore and Rodriguez to take over the 2 franchises, a timeline that first started in 2021. In March 2024, with the worth of NBA franchises persevering with to skyrocket, Taylor tried to cancel the sale, noting that Lore and Rodriguez failed to satisfy sure contractual deadlines.
The tandem took Taylor to arbitration, the place a 2-1 resolution in February favored Lore and Rodriguez.
The NBA signed off on the transaction two different occasions — in 2021 and 2023 — when Lore and Rodriguez bought shares of the Timberwolves and Lynx that amounted to round 20 p.c.
Taylor, 84, bought the Timberwolves in 1994 for $88 million.
