NBA owners approve $1.5B sale of Wolves, Lynx

The NBA has unanimously approved Glen Taylor's $1.5 billion sale of the Minnesota Timberwolves and Lynx to Marc Lore and Alex Rodriguez's investment group, concluding a contentious four-year process that Taylor attempted to halt last year. The transaction includes both franchises and is set to formally close this week.

Lore and Rodriguez will be introduced as co-chairmen during next month's NBA Summer League in Las Vegas, with Lore serving as Timberwolves governor and Rodriguez as alternate governor, while their roles will reverse for the Lynx. Both emphasized their commitment to keeping the teams in Minnesota and building championship-caliber organizations.

Taylor, who purchased the Timberwolves for $88 million in 1994 to prevent relocation, announced in March 2024 he was terminating the sale after claiming the buyers missed a deadline to acquire an 80% stake. Lore and Rodriguez disputed this, citing NBA approval delays and submitting paperwork ahead of schedule, and ultimately prevailed in arbitration.

The franchise value has surged since the April 2021 agreement, with current estimates ranging from $3.1-$3.29 billion for the Timberwolves (third-lowest NBA valuation) and $230-$240 million for the Lynx. The buyers' group, which includes Michael Bloomberg and Eric Schmidt, will fully acquire the teams rather than leaving Taylor with a minority stake.

Despite reaching consecutive Western Conference Finals in Taylor's final seasons, the Timberwolves hold the NBA's worst all-time regular-season record (1,196-1,680) among current franchises. Taylor declined to appeal the arbitration decision after the team's playoff run ended against eventual champion Oklahoma City.