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2h ago

NBA Governors Unanimously Approve $1.5 Billion Sale of Timberwolves and Lynx

Resolving a four-year arbitration fight over contract deadlines, the sale is expected to close 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
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Overview

  • On June 24 the NBA Board of Governors unanimously approved the sale of controlling interests in the Minnesota Timberwolves and Minnesota Lynx.
  • The $1.5 billion agreement was first struck in April 2021 but stalled when Glen Taylor cited missed payment deadlines and attempted to void the deal.
  • A three-person arbitration panel ruled in February that Marc Lore and Alex Rodriguez were entitled to complete the final payments, clearing the path for closing.
  • Lore and Rodriguez, backed by investors including Michael Bloomberg and Eric Schmidt, will serve as co-chairmen and have pledged to keep both teams in Minnesota.
  • The transaction is slated to close this week, after which the new ownership is expected to outline plans for arenas, roster investment and team operations.