The Minnesota Timberwolves’ sale to an investment group led by e-commerce entrepreneur Marc Lore and former baseball star Alex Rodriguez has been finalized after receiving unanimous approval from the NBA’s board of governors. The deal, which includes the WNBA champion Minnesota Lynx, marks a significant milestone for the ownership transfer that was initially proposed four years ago.
Lore and Rodriguez will serve as co-chairmen on the board, with Lore as Timberwolves governor and Rodriguez as alternate governor. They have committed to building an organization that sets the standard for excellence, is universally admired, and rooted in pride that spans generations.
The business partners and close friends met during the pandemic over a Zoom call and are committed to keeping the teams in Minnesota. Rodriguez expressed his honor and enthusiasm for joining the Timberwolves, stating he knows what it takes to be a champion and is ready to bring that same commitment and drive to create a winning culture in Minnesota.
The $1.5 billion sale value has more than doubled since the initial agreement due largely to soaring NBA revenues. Forbes estimates the Timberwolves are worth $3.1 billion, ranking them as the third-lowest team in the league. The Lynx have been valued between $230 million and $240 million, placing them in the bottom half of the league.
The ownership transfer had faced several delays, including a dispute over payment terms that went to mediation and then arbitration. A three-panel judge ultimately ruled in favor of Lore and Rodriguez, paving the way for their complete takeover of the team. The sale marks a new chapter for the Timberwolves, who have struggled with a poor all-time regular-season record and playoff performance.
Source: https://www.espn.com/nba/story/_/id/45577217/nba-owners-approve-15-billion-sale-wolves-wnba-lynx