4 years after starting the takeover course of, Marc Lore and Alex Rodriguez have formally assumed management of the Minnesota Timberwolves and WNBA’s Minnesota Lynx.
Right here’s all it is advisable know concerning the deal:
When did Marc Lore and Alex Rodriguez formally take over the Minnesota Timberwolves and Lynx?
On Tuesday, the NBA Board of Governors unanimously authorised the ultimate sale, concluding a drawn-out course of that started in 2021.
How a lot did the deal value?
The transaction is valued at $1.5 billion and contains controlling pursuits in each the NBA’s Minnesota Timberwolves and the WNBA’s Minnesota Lynx.
What roles will Lore and Rodriguez play?
Marc Lore will function the Timberwolves’ governor and Lynx’s alternate governor.
Alex Rodriguez would be the Timberwolves’ alternate governor and Lynx’s governor.
Why did the sale course of take so lengthy?
Whereas the preliminary settlement started in 2021, Glen Taylor tried to cancel the sale in March 2024, claiming Lore and Rodriguez missed contractual deadlines. The dispute went to arbitration, which dominated 2-1 in favor of the patrons in February 2025.
How a lot of the group had they beforehand acquired?
Earlier than gaining full management, Lore and Rodriguez had already bought about 20% of the Timberwolves and Lynx shares in 2021 and 2023, transactions that had been additionally authorised by the NBA.
What’s Glen Taylor’s historical past with the franchise?
Taylor, now 84, purchased the Timberwolves in 1994 for $88 million. After greater than three a long time, he exits with a large return on funding.
(With inputs from Reuters)