Minnesota Timberwolves, Lynx Sale to A-Rod, Lore Approved by NBA
Lore will serve as Timberwolves' governor, with Rodriguez as alternate governor. They will swap roles for the Lynx.
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The approval marks the end of a four-year saga that originated in 2021, when COVID-19 was still a concern. The purchase agreement called for a first payment at a valuation of $1.5 billion, and payments at 4% escalators in three subsequent payments, with Lore and Rodriguez taking control in 2024.
The multi-year transaction gave Taylor a few more years to lead the team, as well as time for the buyers to raise money to finance each subsequent transaction, but things blew up in March 2024 when Taylor said the deal was off due to missed deadlines. The following day, the buyers told Sportico that Taylor had breached the terms of their contract.
Taylor likely had some seller's remorse as the value of NBA teams doubled since he agreed to sell. In 2024, Minnesota reached the Western Conference finals for the first time since 2004—a 13-year playoff drought followed. The Timberwolves made the final four again in 2025.
In February, a three-person arbitration panel ruled 2-1 in favor of Lore and Rodriguez to buy the NBA and WNBA teams. The arbitrators didn't rule that the teams belonged to Rodriguez and Lore. Instead, the panel ruled that the buyers should have another 90 days to continue the four-part transaction, resetting the clock back to where both sides were in early 2024.
Rodriguez and Lore owe $942 million for the final two payments, and that money was put into an escrow account held by JPMorgan last October, Sportico previously reported. The purpose of that move was both to signal to the arbitrators that their financing was no longer a concern and to facilitate a smoother closing process when it came time to transfer the money.
Lore and Rodriguez were approved as minority owners when the deal was signed in 2021, but the approval process for control owners is more complex and thorough, including an in-depth look at backgrounds, personal finances and fellow investors.
Their cap table got a boost with the addition of former New York City mayor Mike Bloomberg and ex-Google CEO Eric Schmidt. Bloomberg is worth $105 billion, according to Forbes, while Schmidt checks in at $23 billion.
One of the most pressing issues facing Lore and A-Rod is the future of the Target Center, which opened in 1990 and is the second-oldest arena in the NBA. The buyers have expressed interest in building a new venue.
Taylor bought the Timberwolves in 1995 for $89 million and has owned the Lynx since they started playing in 1999. Taylor and his wife Becky posted a 'Thank you, Minnesota' letter on the team's website Tuesday and took out a full-page newspaper ad in the Minnesota Star Tribune, which he also owns, to say his time as owner had 'come to a close' and that it had 'been the honor of our lives.'
In December, Sportico valued the Timberwolves at $3.29 billion, which included the 2024 Lynx value and ranked 28th overall in the NBA. In Sportico's latest WNBA team rankings, released Tuesday, the value of the Lynx jumped from $85 million to $240 million.
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