Marc Lore and Alex Rodriguez have finalized an agreement with Glen Taylor to acquire 100% ownership of the Minnesota Timberwolves and Minnesota Lynx, sources told ESPN. The purchase price remains the agreed-upon $1.5 billion from their 2021 deal.
Following an arbitrator’s ruling in February, which sided with the Lore-Rodriguez group amid a contractual dispute, Taylor opted against an appeal, paving the way for this resolution.
What’s Next to Finalize the Process?
According to ESPN, the NBA is currently facilitating the ownership transition, which will include a forthcoming Board of Governors vote.
The initial agreement in 2021 involved a staggered acquisition plan where Lore and Rodriguez would first take on a 36% stake for roughly $500 million. The process hit a snag in March 2024 when Taylor suspended the sale, accusing the duo of failing to meet contractual obligations and deadlines.
The conflict escalated to arbitration, where Lore and Rodriguez emerged victorious from a decision by a three-judge panel.
Final Steps for Minnesota Timberwolves, Lynx
To solidify their commitment to the acquisition, the Lore-Rodriguez group bolstered their consortium with high-profile partners such as billionaire Michael Bloomberg, former Google executive Eric Schmidt, and Blue Owl Capital, securing an additional $950 million in escrow.
Following six weeks of negotiations, all parties agreed to proceed with the transaction.
Taylor, who bought the Timberwolves in 1994 for $94 million to prevent their relocation to New Orleans, has considered selling the team multiple times over the last two decades.
