Alex Rodriguez and Marc Lore are set to take over as the majority owners of the Minnesota Timberwolves following a favorable arbitration ruling.
The ownership transfer will proceed as planned after Glen Taylor, the current controlling owner, attempted to halt the final phase of the sale in 2024. An arbitration panel determined that Taylor lacked the authority to cancel the remaining 40% of the $1.5 billion deal, which was initially arranged in 2022.
In a joint statement, Lore and Rodriguez confirmed that their timeline for securing league approval and finalizing the acquisition remains intact, contrary to Taylor’s claims that the timeline had expired nearly a year ago.
“We are extremely pleased with today’s decision,” Lore and Rodriguez expressed, as reported by the Minnesota Tribune. “We look forward to working with the NBA to complete the approval process and finalize this transaction, allowing us to focus on winning championships in Minnesota for our dedicated fans and the Twin Cities community.”
The acquisition is pending approval from the NBA’s board of governors, requiring at least 23 out of 30 team owners to vote in favor. Taylor, who grew up on a Minnesota dairy farm and built his wealth through a wedding invitation printing business, bought the Timberwolves for $88 million in 1994 to prevent the franchise from relocating to New Orleans.
In March 2024, Taylor announced he would withdraw from the deal, citing that Lore and Rodriguez failed to make the final payment within the stipulated 90-day timeframe for acquiring an 80% stake in the team, which included about 30% financed by their investors. He also claimed they missed other deadlines related to the transfer process.
Lore and Rodriguez expressed their surprise at Taylor’s decision, defending their actions and suggesting that Taylor’s hesitance stemmed from seller’s remorse, particularly as the value of NBA franchises has been on the rise and the Timberwolves experienced a successful 2023-24 season. They attributed the delay in the final payment to the slow league approval process, noting they submitted necessary paperwork to the league on March 21, six days before the deadline.
Rodriguez is currently employed by FOX Sports.
