Official: NBA governors approve sale of Timberwolves to Lore, A-Rod

Marc Lore and Alex Rodriguez, as expected, will officially take over ownership of the Timberwolves and Lynx.

Sep 27, 2021; Minneapolis, MN, USA; Current owner Glen Taylor and limited partners and alt-governors for the Minnesota Timberwolves Alex Rodriguez and Mark Lore hold up jerseys after answering questions at a press conference at media day. | Bruce Kluckhohn-Imagn Images

It's official: The NBA Board of Governors has unanimously voted to approve the $1.5 billion sale of the Minnesota Timberwolves and Lynx franchises from Glen Taylor to Marc Lore and Alex Rodriguez, the league announced on Tuesday.

"Mr. Lore and Mr. Rodriguez will serve as Co-Chairmen, with Lore assuming the role of Timberwolves Governor and Rodriguez as Alternate Governor," reads the league's release. "For the Lynx, Rodriguez will serve as Governor while Lore will act as Alternate Governor. The transaction is expected to close this week."

This marks the end of a process — and saga — that began when Lore and Rodriguez made their first payment to buy the franchises from Taylor in 2021. The deal began with a minority share and a planned process for Lore and Rodriguez to make additional payments over three years before assuming full control.

Things didn't go as smoothly as originally planned. In 2024, Taylor attempted to back out of the deal, claiming Lore and Rodriguez had missed a payment and thus invalidated the agreement. They vehemently disagreed. The dispute ultimately went to arbitration, where a panel ruled in favor of Lore and Rodriguez. Taylor then chose not to appeal and to agree to the sale, paving way for today's announcement.

Taylor had owned the Timberwolves since 1994, when he bought the team for $88.5 million and saved it from moving to New Orleans. The 84-year-old and his wife Becky recently bid farewell in a letter to fans.

Lore, 54, and Rodriguez, 49, have grand plans for this new era of Timberwolves and Lynx basketball, they told The Athletic's Jon Krawczynski (subscription required). That includes working on an extension for president of basketball operations Tim Connelly and plans to eventually build a new arena. Speculatively, it feels like a revamp of the franchise's uniforms and branding will be coming in the near future, as well as a potential overdue jersey retirement for Kevin Garnett.

One key thing Lore and Rodriguez won't be doing is moving the teams out of Minnesota.

"We love the idea of Minnesota history and playing a part in that history," Lore said. "To move it and start over would be devastating to not only the community and the fans, but us as well. It’s not consistent with our value system."