The Minnesota Timberwolves have been sold to a partnership of billionaire tech mogul Marc Lore and former New York Yankee slugger Alex Rodriguez. The current owner, 83-year-old Glenn Taylor, declined to challenge a ruling from an arbitrator that allowed the purchase. Lore and Rodriguez get 100% ownership of the NBA’s Twolves and the WNBA’s Minnesota Lynx for $1.5 billion. The sale comes on the heels of the Boston Celtics being sold for a record $6.1 billion to private equity manager Bill Chisholm last month.
Agreement Brings Minnesota Timberwolves Ownership Saga to End
Last March, Glenn Taylor accused A-Rod and Lore of reneging on the original terms of their purchase back in 2021. The two denied the accusations. In turn, they accused Taylor of backing out of the deal after the value of the Minnesota franchise increased. The value of the franchise increased after a deep playoff run last season. Since agreeing to the deal, the team’s value has risen to 3 billion, much more than the 1.5 lore and A-Rod paid for the team.
Alex Rodriguez Fulfills a Childhood Dream
Alex Rodriguez has made it no secret that it has been his dream to own a professional sports franchise since he was a kid. He was part of a group that attempted to buy the New York Mets before being beaten out by Steve Cohen. Reports are that A-Rod will be the face of the franchise, while Lore will be the controlling shareholder and the Governors of both the Timberwolves and Lynx. Marc Lore sold the e-commerce site Jet.com to Walmart for 3.3 billion in 2016.
Final Thoughts
Timberwolves fans will surely be glad that this saga is over. Taylor bought the T-wolves for $94 million in 1994. He has never been considered an owner with deep pockets and willing to spend money. Minnesota never won a title with Glenn Taylor at the helm. Look for a busy offseason in Minnesota. The new ownership group may make some big splashes to put their mark on the franchise.
