Marc Lore & Alex Rodriguez Officially Take Over Timberwolves and Lynx in $1.5 Billion NBA Deal
The long-awaited ownership change of the Minnesota Timberwolves and Minnesota Lynx is finally complete. On Tuesday, the NBA gave its green light to the $1.5 billion purchase of the franchises by a group led by tech entrepreneur Marc Lore and former MLB superstar Alex Rodriguez, ending a dramatic and drawn-out transition that began more than four years ago.
The league’s board of governors, consisting of all 30 NBA team owners, voted unanimously to approve the sale. The transaction, which also includes the WNBA’s Minnesota Lynx, will officially close this week. What began in April 2021 as a phased buy-in has now culminated in a full takeover, despite numerous hurdles along the way.
New Leadership, New Vision
An official introduction for the new ownership is set for next month during the NBA Summer League in Las Vegas. Lore will act as the Timberwolves' governor, with Rodriguez serving as the alternate governor. The roles will flip for the Minnesota Lynx, with Rodriguez leading as governor and Lore as alternate.
“We’re deeply aware of the responsibility this moment brings,” Lore said. “Our aim is to build a franchise rooted in excellence, admired both on and off the court, and cherished by generations of fans.”
Their goal is not just to win but to build a legacy. Lore and Rodriguez, who first met on a Zoom call during the pandemic, have repeatedly emphasized their commitment to keeping the teams in Minnesota.
“Sports have been my entire life—not just for the competition, but for their power to connect people and uplift communities,” Rodriguez added. “Now, I'm bringing that same championship mindset to Minnesota.”
Farewell to Glen Taylor's Era
The sale closes a historic chapter for Glen Taylor, the longtime Minnesota businessman who bought the Timberwolves in 1994 for $88 million to prevent the team from relocating to New Orleans. Taylor, now 83, spent over three decades guiding the franchise and also added the Lynx in 1998.
After being outbid on a bid for the New York Mets, Lore and Rodriguez pivoted to the NBA and struck a phased purchase deal with Taylor. That deal allowed Taylor to remain in control during the transition, serving as a mentor.
Since the agreement was first struck, the franchise’s value has more than doubled. Forbes estimates the Timberwolves’ value at $3.1 billion, while Sportico puts it closer to $3.29 billion. Still, the team ranks among the league’s lowest in valuation due to their midsize market and an aging arena. The Minnesota Lynx, meanwhile, are valued between $230 million and $240 million, placing them in the middle tier of the WNBA as the league prepares to expand by 2028.
Ownership Dispute Resolved
Earlier this year, Taylor tried to walk away from the deal, claiming the Lore-Rodriguez group missed a crucial deadline to acquire an additional ownership stake that would have pushed them near 80% control.
The buyers, caught off guard, called the move unjust and accused Taylor of seller’s remorse. They pointed to the slow league approval process as the cause of delay and maintained that they submitted all paperwork ahead of the required date.
The disagreement went to arbitration, where a panel ruled in favor of Lore and Rodriguez. Their investment group — which includes former New York mayor Michael Bloomberg and tech leader Eric Schmidt — was already planning to buy out Taylor’s remaining stake entirely, rather than leaving him with the original 20% holdover.
Taylor eventually decided not to challenge the ruling, officially stepping aside near the end of his 31st season as team owner. Ironically, the Timberwolves gave him a strong sendoff, reaching the Western Conference Finals once again, though they fell to Oklahoma City.
Legacy, Challenges, and Future Goals
Despite recent success, the Timberwolves still carry the worst all-time record among active NBA franchises — just a .416 winning percentage and only three playoff series wins in their history.
In a farewell letter published in the Star Tribune, which Taylor owns, he and his wife, Becky, reflected on their journey:
“When we saved the Timberwolves from relocating in 1994, we dreamed of building something that brought Minnesotans together,” they wrote. “And when we launched the Lynx, we wanted to elevate women’s sports and embrace the full promise of the WNBA. We’ll always be proud fans of this community.”
Meet the New Owners
Marc Lore, worth an estimated $2.9 billion, is the CEO of Wonder, a fast-growing food delivery company based in New York. He’s no stranger to e-commerce, having previously sold startups to both Walmart and Amazon.
Alex Rodriguez, one of baseball’s biggest names, hit 696 home runs and earned over $450 million in salary during his 22-year MLB career. While his Hall of Fame hopes remain uncertain due to his PED history, Rodriguez has reinvented himself as a successful businessman, particularly in real estate investment and development.
Discription:
"Marc Lore and Alex Rodriguez officially acquire the Minnesota Timberwolves and Lynx in a $1.5 billion NBA-approved deal, ending Glen Taylor’s 30-year ownership. Discover how the dynamic duo plans to reshape Minnesota basketball and build a lasting legacy."