Topline
A $1.5 billion deal for former MLB star Alex Rodriguez and e-commerce mogul Marc Lore to purchase the Minnesota Timberwolves was approved by the NBA on Tuesday, following a yearslong dispute with former owner and billionaire Glen Taylor.
Billionaire Glen Taylor backed out of an earlier agreement to sell the team, leading to a … More
Key Facts
The NBA Board of Governors unanimously approved the sale of the controlling interests in the Timberwolves and the WNBA’s Minnesota Lynx from Taylor to Lore and Rodriguez, with the transaction expected to close later this week, the NBA announced.
Rodriguez and Lore, the Wonder Group’s chief executive, submitted a $1.5 billion bid for the Timberwolves in April 2021 with financial backing from Dyal Capital Partners, a private equity firm linked to former Google CEO Eric Schmidt.
Taylor backed out of the deal in March 2024 and claimed Lore and Rodriguez missed a deadline to submit a final payment for the Timberwolves and Lynx and other terms of their agreement, though Lore and Rodriguez disputed this and said they submitted paperwork for the deal ahead of the deadline.
An arbitration panel ruled in favor of Rodriguez and Lore in February, requiring Taylor to sell the franchises.
Forbes Valuation
Taylor has a fortune valued at $2.9 billion, making him the 1,302nd-wealthiest person in the world, according to Forbes’ latest estimates. We valued the Timberwolves as the 28th-most valuable NBA franchise in October 2024, ranking 28th at a $3.1 billion valuation—more than double the amount agreed to in the 2021 deal.
Surprising Fact
Billionaire Michael Bloomberg reportedly agreed to join the group to purchase the Timberwolves as they invested an additional $600 million in the team in June 2024, though it’s not immediately clear how much Bloomberg contributed to the investment or how much of the team he would own. A spokesperson for Bloomberg declined to comment to Forbes at the time.
Key Background
A deal transferring ownership of the Timberwolves and Lynx to Rodriguez and Lore follows failed rounds of mediation. Rodriguez, a three-time MLB MVP, and Lore initially purchased a 40% stake and planned to purchase an additional 40% stake by a deadline set for March 2024. Taylor released a statement just before the deadline, claiming the prospective buyers lacked the money to complete the deal and failed to meet unspecified terms of the agreement. At the time, Taylor said the Timberwolves and Lynx were “no longer for sale,” as Rodriguez and Lore argued money to acquire the franchises was available.