NBA owners gave the green light to the $1.5 billion sale of Minnesota's pro basketball teams to Marc Lore and Alex Rodriguez's investment group. This closes the book on Glen Taylor's thirty-year run leading the teams.
What began as a straightforward deal in April 2021 evolved into a complex 51-month journey. Payment timing and NBA bureaucracy kept pushing the final deal further out.
Under the new arrangement, Lore steps in as Timberwolves governor and co-chairman. Rodriguez takes the alternate governor position. They flip roles for the Lynx, where Rodriguez leads and Lore backs him up.
"It has been the honor of our lives," said Taylor to KARE11 as he stepped away.
The price tag shows a massive leap from Taylor's original $88 million investment in '94. Recent figures value the Wolves between $3.1-3.29 billion, while the Lynx are worth $230-240 million.
Big names Michael Bloomberg and Eric Schmidt joined the buying group, bringing serious business expertise. They're supporting Lore, who made his fortune selling online retail startups to Walmart and Amazon, building up $2.9 billion in wealth.
The teams have seen different levels of success. While the Wolves struggled to the NBA's worst overall record of 1,196-1,680, the Lynx grabbed four WNBA titles during Taylor's ownership.
Things got heated when Taylor tried to call off the deal, pointing to missed deadlines. But arbitrators ruled for the buyers after showing NBA procedures, not money issues, caused the delays.
Moving forward, the new owners promised to keep the teams in Minnesota. For Rodriguez, this adds to his growing sports portfolio, built after an impressive baseball career with 14 All-Star appearances and 696 home runs.
This mega-deal stands among the NBA's biggest ever. Though the Wolves rank near the bottom in team worth, the huge sale price shows the skyrocketing value of pro sports teams.
