Timberwolves Sale Approved for $1.5 Billion
The sale of the Minnesota Timberwolves for $1.5 billion, from Glen Taylor to an investment group led by e-commerce entrepreneur Marc Lore and baseball star Alex Rodriguez, has been approved by the NBA. The decision, which was made on Tuesday, concludes a complex and controversial process that spanned more than four years.
The transfer of the property, which Taylor tried to stop last year, was unanimously approved by the board of governors, composed of the 30 team owners, the league announced. The agreement, which will be finalized this week, almost 51 months and more than 1,500 days after the initial agreement, is expected to include the Minnesota Lynx, four-time WNBA champions.
The Timberwolves are planning an introductory press conference for Lore and Rodriguez next month in Las Vegas, during the NBA Summer League. Lore and Rodriguez will act as co-chairmen of the board, with Lore as governor of the Timberwolves and Rodriguez as alternate governor. For the Lynx, Rodriguez will be the governor and Lore the alternate governor.
