Glen Taylor has decided not to stand against a February arbitration ruling, clearing the path for Marc Lore and Alex Rodriguez to assume full ownership of the Minnesota Timberwolves and Lynx. The $1.5 billion deal, which was initially agreed upon in 2021, will now proceed without further delay, as sources confirmed to ESPN. Taylor, who has owned the teams since 1994, had previously contested the sale after claiming that Lore and Rodriguez missed a payment deadline. This led to an arbitration process where the three-judge panel sided in favor of Lore and Rodriguez, finding that Taylor had violated the terms of the sale agreement.
Despite the legal battle, Lore and Rodriguez have strengthened their investment group by adding notable partners like former New York Mayor Michael Bloomberg and former Google executive Eric Schmidt. Together, they raised an additional $950 million to demonstrate their financial readiness for the deal. The NBA is now in the process of approving the sale, which is expected to pass with little resistance, as NBA Commissioner Adam Silver indicated at the All-Star Weekend.
Taylors decision to relinquish ownership will end a saga that began in 2021 when Lore and Rodriguez initially agreed to buy the team in installments. The deal was structured in three phases, with Lore and Rodriguez gradually increasing their stake in the franchises. However, in March 2024, Taylor called off the deal, accusing the buyers of breaching the agreement. The matter went to arbitration, and the ruling ultimately favored Lore and Rodriguez.
Taylor purchased the Timberwolves for just $94 million in 1994, and later added the Lynx to his portfolio. Under his ownership, the Timberwolves struggled to find success, though the Lynx achieved significant success in the WNBA. Now, Lore and Rodriguez are poised to take the helm, potentially marking a new chapter for both franchises. However, the new owners will face the challenge of managing the roster and finances, particularly in a critical offseason where several key players are up for free agency.
