Completion of Timberwolves sale from Glen Taylor to Marc Lore, Alex Rodriguez appears set

One of the final steps in the sale of the Timberwolves and Lynx will occur Tuesday.

The NBA Board of Governors is set to vote on approving a deal that will transfer ownership of the teams from Glen Taylor to a group led by entrepreneur Marc Lore and former baseball star Alex Rodriguez.

Taylor and his wife, Becky, took out a full-page newspaper ad in the Minnesota Star Tribune, which they also own, to say their time as owners “has come to a close.”

A league source said the Board of Governors’ approval is likely on Tuesday, with the closing of the sale coming in the days after that. Approval by the Board of Governors would mean at least 23 of the 30 owners have given their OK.

The $1.5 billion sale of the franchises, first agreed upon in 2021, hit a snag in early March 2024, when Taylor tried to cancel the sale, claiming the new owners hadn’t met payment deadlines.

The controversy went to arbitration, and in February, a 2-1 ruling was announced in favor of Lore and Rodriguez. Taylor decided not to appeal that ruling, which said he was not operating within the legal framework of the purchase agreement when he attempted to call off the sale.

The sale also includes the Lynx, one of the most successful franchises in WNBA history.

Forbes valued the Timberwolves at $3.1 billion, third-lowest among the NBA’s 30 franchises. Sportico rated the value of the Lynx independently at $85 million.

The new owners are expected to want a new arena, and that process will likely ramp up once they assume control. Among the obstacles associated with that is a potential $50 million penalty for breaking the lease at Target Center, which opened in 1990 and was renovated in 2017.

Lore, 53, and Rodriguez, 49, have committed to keeping the team in Minnesota from the day they joined the ownership group, and a statement after the arbitration ruling made reference to their intent to win championships “in Minnesota.” They are expected to comment on the sale after official approval.

They helped recruit President of Basketball Operations Tim Connelly to Minnesota in 2023 and appear ready to remake the business side of the operation. CEO Ethan Casson and COO Ryan Tanke will reportedly be stepping down from their roles in the ownership transfer.

Lore, a billionaire tech entrepreneur, and Rodriguez, who made $475 million in salary during a 22-year Major League Baseball career, at one point added billionaire New York City businessman Michael Bloomberg to their group.

Taylor, 83, bought the Wolves from Harvey Ratner and Marv Wolfenson for $94 million in 1994 and has also owned the Lynx since they started play in 1999. The purchase agreement stipulates that Taylor would receive, without charge, four courtside seats, one suite and two reserved parking spaces for every Wolves and Lynx game.

Those benefits would go to Taylor for 10 seasons; he lives most of the time in Naples, Fla., but recently returned to Wolves games after an absence following hip replacement surgery late last year.

In the newspaper ad, which also appeared as a statement on the team’s website, the Taylors said, in part, “After 30 unforgettable years, our time as owners of the Minnesota Timberwolves and Lynx has come to a close. This marks the end of an extraordinary chapter in our lives — one filled with purpose, pride, and a deep connection.

“When we kept the Timberwolves from moving to New Orleans in 1994, we did so with the hope of building something that could unite people across Minnesota and beyond. And when we added the Lynx in 1998, it was driven by our belief in supporting women and fully embracing the diversity and promise of the WNBA.

“Though we are stepping away as owners, our love for this organization and this community remains as strong as ever. We will always be fans, cheering from our seats, celebrating your triumphs, and believing in what comes next. It has been the honor of our lives.”

They thanked the team’s minority owners — Meyer Orbach; Bill and Teri Popp; Bill and Joyce Sexton; Wynn and Ginnette Kearney; John and Kathie Bollero; and Debbie Saunders, the widow of the team’s former coach, Flip Saunders.

The Timberwolves, who advanced to the Western Conference finals for the second consecutive season, exceeded the NBA’s luxury tax threshold for 2024-25, and Taylor had to pay a league penalty of more than $85 million this season. They are considered a second apron team and have roster-building restrictions in addition to the luxury tax.

The NBA draft is Wednesday and Thursday, with free agency beginning on July 1.

Lore and Rodriguez bought an initial 20% ownership stake from Taylor in May 2021, then a second 20% in December 2022. The call option on a third tranche, to give Lore and Rodriguez an additional 40% of Taylor’s ownership stake and majority control of the Wolves and Lynx, was exercised Dec. 31, 2023.

The contract gave Lore and Rodriguez 90 days from that date to complete the purchase. Taylor canceled exactly 90 days after the call option. Despite that last-minute setback, Lore and Rodriguez maintained they had another source of funding ready when Taylor canceled the sale. The backing of Bloomberg, the 83-year-old former mayor of New York City who has a net worth of more than $100 billion, appears to be one of the sources. Other reported partners include former Google executive Eric Schmidt and the private equity fund Blue Owl Capital.

The NBA season ended Sunday when the Oklahoma City Thunder defeated the Indianapolis Pacers in Game 7 of the Finals.