Marc Lore and Alex Rodriguez’s multi-year endeavor to gain control of the Minnesota Timberwolves is nearing its conclusion. Current owner Glen Taylor has chosen not to challenge an arbitration panel’s decision mandating him to proceed with the $1.5 billion sale. According to an informed source, this decision has not yet been publicly commented on by the Timberwolves.
Final approval from the NBA’s board of governors is the only remaining step before the sale can be finalized. NBA Commissioner Adam Silver expressed he foresees no issues with this approval process but assured the board will observe due diligence as per protocol.
Approval by the board of governors can be expected at any time. Although their recent two-day meeting in New York concluded with no decision on the matter, the board might not need to gather in another session to endorse the sale.
Glen Taylor, who will turn 84 soon, began his career on a Minnesota dairy farm and amassed wealth through a successful business printing wedding invitations. He purchased the Timberwolves in 1994 for $88 million to thwart the team’s relocation to New Orleans.
Lore, previously the e-commerce leader at Walmart, and Rodriguez, known for his impressive baseball career with the New York Yankees, Seattle Mariners, and Texas Rangers, initially approached Taylor four years ago in pursuit of a $1.5 billion deal. Since their agreement, the valuations of NBA franchises have surged. Just last month, an initial sale valuation for the Boston Celtics hit a record $6.1 billion and could potentially climb before completing that transaction.
Throughout the long and at times contentious negotiation period, Lore and Rodriguez suggested that Taylor hesitated because the worth of NBA teams was rising steadily.