Marc Lore, Alex Rodriguez finalize full Timberwolves ownership deal with Glen Taylor
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Marc Lore and Alex Rodriguez have agreed to finalize the purchase of the Minnesota Timberwolves from Glen Taylor, according to Shams Charania of ESPN.
The final stages of negotiations between Taylor and the incumbent Timberwolves ownership have been long-held up, but Taylor will not appeal Minnesota arbitrators’ February ruling in favor of Lore-Rodriguez.
After a lengthy battle, Lore and Rodriguez will finally complete their purchase of the Timberwolves and Minnesota Lynx in the WNBA at the $1.5 billion price tag they agreed to with Taylor in 2021.
The two new owners of the team had been in constant legal battles with Taylor through the years after the long-time Timberwolves owner appeared to get cold feet regarding the sale of his beloved franchise. Taylor had agreed on set payments with the Lore and Rodriguez ownership group to transfer ownership in the span of a few years.
When Lore and Rodriguez were ready for the final payment, Taylor stopped the process and declined to sell his chunk of equity to Rodriguez and Lore, citing that the option for the new owners to acquire controlling interest in the Timberwolves and Lynx had expired.
Whereas Taylor says they missed multiple deadlines and did not come up with the funds to buy his chunk of ownership, Rodriguez and Lore consistently refuted these statements. Since mediation between the two sides did not solve anything, arbitration was necessary for a final verdict in the sale of the Timberwolves.
In February, arbitration ruled in favor of Lore and Rodriguez over Taylor as the next leadership group of the Timberwolves and Lynx franchises. Although there was speculation that Taylor was going to seek avenues to appeal, that is no longer the case. Upon approval from the NBA’s Board of Governors, Lore and Rodriguez will be appointed the new faces of the Timberwolves.
"We are extremely pleased with today’s decision," the two new owners said in a statement after winning arbitration. "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."
At the Board of Governors meeting in New York City on March 27, NBA Commissioner Adam Silver stated that the league was waiting for a decision from Taylors as to whether he would exercise his right to appeal arbitration before moving forward with the new owners of Lore and Rodriguez. Now that this is settled, the league will approve these two as the new owners.
After making the playoffs once over a 17-season span, the Timberwolves have made the playoffs each of the last three seasons. The 2023-24 season resulted in Minnesota posting a 56-26 record, the second-most wins in franchise history, and they advanced to the Western Conference Finals for the first time since 2004.
Anthony Edwards has become a superstar since being drafted first overall in 2020, and he once again has the Timberwolves in a position to make the playoffs this season.
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