Today, NBA owners, acting as the league’s Board of Governors, voted unanimously to finalize the sale of the Minnesota Timberwolves and Lynx to Marc Lore and Alex Rodriguez (A-Rod) as the majority owners. This marks the end of Glen Taylor’s 31-year tenure as the principal owner of the franchises. It also ends a four-year saga in which the agreement went from a structural handoff of the teams to an all-out war for their ownership.

The sale becomes finalized when the $1.5 billion deal closes on Wednesday. The vote today is the league’s final approval for Lore and Rodriguez to take control of the Wolves and Lynx. They had also signaled their approval in 2021 and 2023 when the pair bought shares of the franchises that equaled 20%

Taylor Seeks Buyer for Wolves/Lynx

An aging Taylor (82) sought an owner for the Wolves and Lynx that would keep them in Minnesota. His own purchase of the Timberwolves in 1994 prevented the franchise from moving to New Orleans. He finally found willing partners in Lore and A-Rod, and they established a two-and-a-half-year timeline for the pair to purchase the team. This would allow Taylor the time to make a smooth trade-off and also time to mentor the new owners on how to run a franchise.

It would also allow Lore and Rodriguez time to raise the capital needed to purchase the Timberwolves and Lynx. Taylor agreed to sell the teams for $1.5 billion in 2021. However, the sale turned messy. It was an unusual purchase agreement.  Rodriguez and Lore planned to buy the team in three installments – 20%, 20%, and another 40% in October 2023- to become majority owners of the team.

Deal Goes Sour

Several factors swung the deal from a cooperative transaction to an adversarial one. First, there were some late payments from the Lore/A-Rod camp, with rumors circulating that Rodriguez was having difficulties making his share of the payment. And in 2024, the Timberwolves had a 56-26 won-lost record and secured a berth in the Western Conference finals. In addition, Forbes estimated the Timberwolves to be valued at $3.1 billion, more than twice their 20021 value.

Taylor announced that he was terminating the sale of the team because Lore and Rodriguez had failed to meet agreed-upon deadlines. Lore and Rodriguez countered, saying that, “We have fulfilled our obligations.”

A subsequent mediation session did not bring a resolution to the dispute, so the matter was forwarded to a binding arbitration panel.  In February of this year, the panel ruled that Taylor must follow through with the $1.5 billion sale of the Timberwolves and Lynx. After the ruling, Taylor declined an appeal and agreed to sell the teams to Lore and A-Rod.

Comments and What’s Next

Lore commented after the arbitration panel ruling,

“It was definitely a relief. It felt right. Anytime you’re on the right side and you realize that laws do work in the U.S., it feels good to know that you know there’s a real justice system.”

Rodriguez, beaming with excitement after the owner’s vote, said.

“This is really a dream come true, right? When you come from very little, you appreciate everything. … As a kid if someone said, ‘Would you be a coach?’ Probably. But a team owner? This is just really a dream come true.”

And Taylor reflected on Monday,

“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.”

Meanwhile, the Timberwolves remain one of the NBA’s most talented teams, having reached the Western Conference finals each of the past two seasons with their superstar, Anthony Edwards. The franchise, however, is above the second tier of the NBA’s salary cap, and if they remain there, they will be subject to a series of penalties, including frozen and reduced draft picks, as well as losing the option to use the mid-level exception in free agency.

And the home of the Wolves and Lynx, Target Center in Downtown Minneapolis, is 35 years old and, despite opposition to it, there is no doubt that in a short amount of time, Lore and A-Rod will come calling for a new arena.