MINNEAPOLIS (FOX 9) – After attempting to block the deal, sparking a years-long legal battle, Glen Taylor has now agreed to transfer full ownership of the Minnesota Timberwolves and Lynx to Alex Rodriguez and Marc Lore.
Timberwolves ownership saga
The backstory:
In 2021, former baseball star Alex Rodriguez and former Walmart executive Marc Lore agreed to purchase the Timberwolves and Lynx from Taylor for $1.5 billion.
The agreement allowed the duo to make payments in stages to gain ownership. However, in March 2024, Taylor claimed Lore and Rodriguez had missed a deadline for a final payment, which he argued allowed him to block the sale.
Taylor initially bought the team in 1994 for just $94 million.
The other side:
The dispute ultimately went to arbitration, with a panel ultimately siding with Rodriguez and Lore back in February.
New agreement reached
What’s new?:
According to ESPN reporter Shams Charania, Taylor, Rodriguez and Lore have agreed to move forward with the ownership deal, making the group led by Rodriguez and Lore full owners of the team.
Taylor has agreed not to appeal the arbitration decision and the renewed deal keeps the sale price at $1.5 billion.
More backing:
ESPN also reports that Rodriguez and Lore have added new partners to their ownership group, including former New York Mayor Michael Bloomberg, former Google exec Eric Schmidt, and private equity firm Blue Owl Capital.
What’s next:
According to the ESPN report, the NBA will begin the transfer process.
The Source: This story uses sourcing from an ESPN report and previous FOX 9 coverage.
