Timberwolves Sale to Alex Rodriguez and Marc Lore Set to Move Forward, AP Source Confirms

The long-awaited sale of the Minnesota Timberwolves to former baseball star Alex Rodriguez and former Walmart e-commerce chief Marc Lore is nearing its conclusion. After a lengthy battle, current owner Glen Taylor has decided not to appeal an arbitration panel’s ruling, which means the $1.5 billion sale will proceed.

A source familiar with Taylor’s decision confirmed the news to The Associated Press, speaking on condition of anonymity as the Timberwolves have not made a public statement. ESPN was the first to report the development.

The only remaining hurdle before the sale can be finalized is approval from the NBA’s board of governors. NBA Commissioner Adam Silver has expressed confidence that the board will approve the deal, stating in February that he saw no reason for it to be delayed. “We need to follow the process,” Silver said, referring to the necessary steps before any sale can be completed. The board could vote on the deal at any time, but they may not meet again until the summer.

Taylor, who will turn 84 later this month, has had a long and storied history with the Timberwolves. He bought the team in 1994 for $88 million, saving it from potentially relocating to New Orleans. Taylor, who grew up on a Minnesota dairy farm, built his fortune in the wedding invitation printing business.

The partnership between Lore and Rodriguez began four years ago when they approached Taylor with an offer. The two quickly reached an agreement on a $1.5 billion deal, which at the time seemed ambitious, but NBA team valuations have only continued to soar. For context, the Boston Celtics were sold last month for an initial valuation of $6.1 billion, a figure that may rise even higher before the deal is finalized.

However, the sale process wasn’t without its challenges. Over the years, Lore and Rodriguez voiced frustration with delays and accused Taylor of “seller’s remorse” as the value of NBA franchises grew.

While there’s no official word yet from the Timberwolves, this marks a pivotal moment in the team’s future. With Taylor’s decision to move forward with the sale, all that remains is the final rubber stamp from the NBA’s board of governors, which could come sooner than expected.

This transition will bring a new chapter for the Timberwolves and a fresh perspective from the high-profile duo of Rodriguez and Lore. Fans will be watching closely as the sale enters its final stages and the team prepares for a new era of leadership.

Source: AP News – Timberwolves sale to Alex Rodriguez and Marc Lore will go forward, AP source says