It was a multi-year process that the current controlling Timberwolves owner, Glen Taylor, tried to stop — and could have dragged out with an appeal of an arbitrator's ruling — but Taylor has decided against the appeal, and the sale of the Minnesota franchise is finally going through.
Taylor has agreed to sell 100% of the Minnesota Timberwolves to Mark Lore and Alex Rodriguez for the $1.5 billion franchise valuation agreed to in 2021, a story broken by Shams Charania and Brian Windhorst of ESPN and confirmed by multiple other reporters since. The NBA has formally started transferring ownership, including a vote from the Board of Governors (the other owners).
The dragged-out, convoluted process of Lore and Rodriguez buying the team started four years ago. This unique sale process involved Lore/Rodriguez essentially buying the team in installments at a $1.5 billion price tag, with all sides agreeing to this process in 2021.
The dispute arose around the final payment of that sale, which Taylor voided, saying it came after the prescribed deadline. However, Lore and Rodriguez argued that they did turn in the paperwork on time, and the sale agreement allowed for an extension of 90 days to finalize the deal if their financing was in place before the deadline — and it was despite changing financing partners. Rodriguez and Lore argued that Taylor simply had seller's remorse (maybe in part because the value of the franchise skyrocketed in the years after the sale).
The disagreement went to arbitration, and the panel agreed with Lore and Rodriguez. Taylor could have appealed but chose not to. The sides have now agreed to finalize the deal.
Taylor, 83, still turns a healthy profit: He bought the Timberwolves in 1994 for $88 million (keeping the team from a potential relocation to New Orleans).
Among the things the Lore/Rodriguez ownership is expected to do is extend team head of basketball operations Tim Connelly, as well as try to repair the franchise's relationship with its best player ever, Kevin Garnett (who had a feud with Taylor).
