One of the final steps in the sale of the Timberwolves and Lynx will occur Tuesday.
The NBA Board of Governors is set to vote on approving a deal that will transfer ownership of the teams from Glen Taylor to a group led by entrepreneur Marc Lore and former baseball star Alex Rodriguez.
Taylor and his wife, Becky, took out a full-page newspaper ad in the Minnesota Star Tribune, which they also own, to say their time as owners “has come to a close.”
A league source said the Board of Governors’ approval is likely on Tuesday, with the closing of the sale coming in the days after that. The board’s approval would mean at least 23 of the 30 owners have given their OK.
The $1.5 billion sale of the franchises, first agreed upon in 2021, hit a snag in early March 2024, when Taylor tried to cancel the sale, claiming the new owners hadn’t met payment deadlines.
The controversy went to arbitration, and in February, a 2-1 ruling was announced in favor of Lore and Rodriguez. Taylor decided not to appeal that ruling, which said he was not operating within the legal framework of the purchase agreement when he attempted to call off the sale.
The sale also includes the Lynx, one of the most successful franchises in WNBA history.
Forbes valued the Timberwolves at $3.1 billion, third-lowest among the NBA’s 30 franchises. Sportico rated the value of the Lynx independently at $85 million.
The new owners are expected to want a new arena, and that process will likely ramp up once they assume control. Among the obstacles associated with that is a potential $50 million penalty for breaking the lease at Target Center, which opened in 1990 and was renovated in 2017.
Lore, 53, and Rodriguez, 49, have committed to keeping the team in Minnesota from the day they joined the ownership group, and a statement after the arbitration ruling made reference to their intent to win championships “in Minnesota.” They are expected to comment on the sale after official approval.
They helped recruit President of Basketball Operations Tim Connelly to Minnesota in 2022 and appear ready to remake the business side of the operation. CEO Ethan Casson and COO Ryan Tanke will reportedly be stepping down from their roles in the ownership transfer.