The long-anticipated effort by Marc Lore and Alex Rodriguez to gain ownership of the Minnesota Timberwolves is approaching its conclusion. Glen Taylor, the current owner of the team, has decided not to challenge an arbitration panel's decision which mandates that he proceed with the $1.5 billion sale of the franchise. This confirmation comes from a source familiar with the matter, who requested anonymity as the Timberwolves have not made any official announcement regarding Taylor's decision. ESPN was the first outlet to report this development.
With Taylor's choice to move forward, the remaining step is the final approval from the NBA's board of governors, which is crucial before any sale can be finalized. NBA Commissioner Adam Silver assured back in February that he saw no reason the approval would not be granted, although he stressed that the board would adhere to its full procedural protocols.
Silver remarked, "We need to follow the process," emphasizing the importance of maintaining due diligence in the sale process. The board of governors, which has the authority to vote on transactions of this nature, could cast votes at any given time. It had recently concluded a two-day meeting in New York last week, and regular meetings typically do not occur until the summer; however, an earlier vote on the sale could be likely.
Glen Taylor, who will turn 84 this month, has a rich history tied to Minnesota. He was raised on a dairy farm within the state and amassed wealth through a successful printing business specializing in wedding invitations. Taylor originally purchased the Timberwolves for $88 million in 1994, a decision made to avert the franchise's relocation to New Orleans.
It has been nearly four years since Lore, the former e-commerce executive for Walmart, and Rodriguez, the former baseball superstar known for his 696 career home runs with teams like the New York Yankees, Seattle Mariners, and Texas Rangers, initially approached Taylor about taking over the team. The two partners quickly struck an agreement for a $1.5 billion deal at that time. Since then, the market for NBA teams has surged; a recent sale saw the Boston Celtics attain a record initial valuation of $6.1 billion, a figure projected to increase further before the transaction is finalized.
Throughout the protracted sale process, Lore and Rodriguez voiced concerns that Taylor might be experiencing seller's remorse, particularly given the rising valuations of NBA franchises in recent years, which further complicated the deal.
