Glen Taylor has agreed to transfer complete ownership of the Minnesota Timberwolves and Lynx to the group led by Marc Lore and Alex Rodriguez, multiple outlets reported Wednesday. Taylor agreed to part ways with the NBA and WNBA teams for $1.5 billion, which was the same price that the sides initially agreed upon in 2021. […]
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Reports: Alex Rodriguez, Marc Lore to own Timberwolves, Lynx
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Glen Taylor has agreed to transfer complete ownership of the Minnesota Timberwolves and Lynx to the group led by Marc Lore and Alex Rodriguez, multiple outlets reported Wednesday.
Taylor agreed to part ways with the NBA and WNBA teams for $1.5 billion, which was the same price that the sides initially agreed upon in 2021. NBA owners previously approved the sale that year to Rodriguez, the former baseball star, and his business partner Lore, the former e-commerce chief for Walmart.
Taylor, however, claimed in March 2024 that Rodriguez and Lore had missed a critical payment, leading to the sides going to arbitration in February.
A three-person panel ultimately ruled in favor of the Rodriguez-Lore group in a split decision, with Taylor being contractually obligated to sell the agreed upon stakes at the initial valuation.
The price falls far short of a pair of recent franchise purchases. The Phoenix Suns/Mercury group sold for $4 billion in 2022, and the Boston Celtics recently were acquired for an initial evaluation of $6.1 billion, a record for a North American sports franchise.
Taylor, who turns 84 this month, purchased the Timberwolves in 1994 for $88 million.
–Field Level Media