(UPDATE) MINNEAPOLIS, Minnesota – The $1.5 billion transaction transferring ownership of the Minnesota Timberwolves from Glen Taylor to an investor consortium headed by e-commerce leader Marc Lore and ex-baseball player Alex Rodriguez received NBA endorsement on Tuesday (Wednesday in Manila). This concludes a lengthy and controversial procedure that began over four years ago when the agreement was initially made.
The ownership change that Taylor attempted to block last year got a complete endorsement from the league’s board of governors, consisting of all 30 team proprietors. This transaction, anticipated to be finalized later this week—approximately 51 months or over 1,500 days since the original pact was made—involves the four-time WNBA champion Minnesota Lynx.
Next month, in Las Vegas at the NBA Summer League, The Timberwolves intend to host a press event unveiling Lore and Rodriguez. They have been appointed as co-chairs of the board, where Lore will take up the role of governor for the Timberwolves, and Rodriguez will be his deputy; this was shared by the league. In contrast, for the Lynx team, their roles will switch around, with Rodriguez serving as governor and Lore stepping into the position of alternate governor.
We completely understand the significant duty involved in overseeing these remarkable properties," Lore stated in a release issued by the group. "Our aim is to create an entity that establishes benchmarks for quality, garners universal respect, and fosters pride that endures through the ages.
The business associates and close buddies who connected during the pandemic via a Zoom meeting have expressed their dedication to maintaining the groups in Minnesota.
I have devoted my whole life to the realm of sports—not merely as a pastime, but as a potent catalyst for bringing individuals together, empowering neighborhoods, and transforming lives," stated Rodriguez. "It’s an immense honor and great inspiration for me to dive into this role with enthusiasm. Understanding what it means to excel at the highest level, I am eager to channel that dedication and determination towards fostering a victorious mindset here in Minnesota.