Alex Rodriguez’s Ownership Group Closes Deal to Buy Timberwolves and Lynx for $ 1.5 Billion

USATSI

An ownership group including former MLB star Alex Rodriguez and tech entrepreneur Marc Lore have struck a deal to buy the Minnesota Timberwolves from Glen Taylor for $ 1.5 billion. Rodriguez and Lore are equal partners in the purchase, which also includes the WNBA’s Minnesota Lynx.

What follows declaration was published on Friday morning regarding the sale:

Glen Taylor has reached an agreement with Marc Lore and Alex Rodriguez regarding the sale and future ownership of the Timberwolves and Lynx. The transaction will close after the league’s approval, starting the ownership transition and a new chapter in basketball of the Minnesota Timberwolves and Lynx. “

The group initially signed a letter of intent on April 10, which grants it exclusive trading rights for the next 30 days. However, this amount of time passed without a formal agreement, leading to believe that the team could be sold to another group. Wolf legend Kevin Garnett was involved in a group that carried out investigations, but the situation grew messy and never turned sour given the bad blood between Garnett and Taylor. In August, Taylor was in advanced talks with Daniel E. Straus, a former minority owner of the Memphis Grizzlies, but it came nowhere in part due to Taylor’s reluctance to abandon his beloved teams. Now, however, Taylor has finally decided to sell the teams. The deal has yet to be approved by the NBA board of governors before it becomes official.

Taylor has owned the Timberwolves since 1994 and the Lynx since 1999. He bought the Wolves for around $ 90 million, so he’s sure to make a pretty dime from the sale. The Timberwolves weren’t very successful during Taylor’s time as owner. Although they’ve made the playoffs nine times, with just one trip after the first round. Taylor leaves without any title or appearance in the final. Maybe the team will be more successful with a new owner.

Leave a Comment