Minnesota Timberwolves owner Glen Taylor agrees in principle to sell Timberwolves to ownership group including Marc Lore and Major League Baseball great Alex Rodriguez.
According to a report from ESPN Insider Shams Charania, Taylor is agreeing to a “100% ownership transfer” of the Timberwolves and the Minnesota Lynx. Taylor is selling to Lore and Rodriguez for a $1.5 billion price tag, which is the original sale price negotiated in the initial agreement in 2021.
This deal marks the end of a multi year battle between the two sides, as Taylor backed out of the sale in 2024. Taylor believed that Lore and Rodriguez had violated the initial sale agreement and missed a deadline to finalize. Since this moment, Lore and Rodriguez have boosted funds for their ownership group. As a part of the deal for the sale, Taylor will not appeal the arbitration ruling from February that ruled in Lora and Rodriguez’s favor.
The deal in place has been in discussions for the past six weeks before finally reaching their agreement. The NBA has already begun the transfer of power from Taylor to Lore and Rodriguez, and will be waiting for a board of directors approval which will take place soon.
Lore and Rodriguez are taking over the team at a pivotal moment in the team’s history. The Timberwolves are currently 44-32 and 7th in the Western Conference. Minnesota, led by guard Anthony Edwards, is surging as it heads into the playoffs, winners of three straight and looking to solidify their playoff standing by climbing into the 6th seed.
Taylor agrees in principle to sell Timberwolves, and the team looks to continue its winning ways under Lore and Rodriguez.
Like Heavy Sports’s content? Be sure to follow us.
This article was originally published on Heavy Sports
The post Timberwolves Owner Agrees in Principle to Sell Team appeared first on Heavy Sports.