Particle.news
Download on the App Store
21 ARTICLES
·
3d ago

NBA Board Approves $1.5 Billion Sale of Timberwolves and Lynx

Victory in a February arbitration ruling enabled the deal’s closing this week.

Apr 12, 2022; Minneapolis, Minnesota, USA; Minnesota Timberwolves co-minority owners Alex Rodriguez and Marc Lore celebrate a victory over the Los Angeles Clippers after a play-in game at Target Center. Mandatory Credit: Nick Wosika-USA TODAY Sports/File Photo
Image
Image
Image

Overview

  • The unanimous board vote ends Glen Taylor’s 31-year tenure after he bought the Timberwolves in 1994 for $88 million and added the Lynx in 1998.
  • Marc Lore will serve as Timberwolves governor and Alex Rodriguez as alternate governor, with their roles reversing for the Lynx.
  • The buyers secured backing from investors including Michael Bloomberg and Eric Schmidt to finance the $1.5 billion transaction.
  • Lore and Rodriguez have pledged to keep both franchises in Minnesota and are weighing plans to replace the 35-year-old Target Center.
  • The sale settles a dispute that began in March 2024 when Taylor tried to cancel the deal and follows a 2-1 arbitration ruling in favor of the buyers in February.