In late March 2024, Minnesota Timberwolves majority owner Glen Taylor decided that he no longer wanted to sell the team.
A Decision to Sell
In 2021, Glen Taylor decided to sell the Minnesota Timberwolves, opting for a structured ownership transition.
Taylor reached an agreement with Alex Rodriguez and Marc Lore, who initially joined as minority partners. The deal outlined a gradual acquisition process over three years. This would end with Rodriguez and Lore becoming majority owners of the franchise in 2024.
Taylor intentionally designed this approach to provide mentorship and guidance to the new owners. He thought this approach would ensure a smooth transition of leadership.
His goal was to familiarize the new ownership group with the intricacies of managing an NBA franchise before they assumed full control. Rodriguez and Lore agreed to purchase the team at a valuation of $1.5 billion. This amount was to be paid out in three separate installments.
This deal signified a new era for the Timberwolves. It positioned the franchise for long-term stability and growth while allowing the new team owners to grow accustomed to running the team.
Seller’s Remorse
In 2024, the Minnesota Timberwolves experienced a significant surge in valuation.
The franchise rose from $2.5 billion in 2023 to approximately $3.1 billion. This dramatic increase prompted a change of heart from longtime owner Glen Taylor, as Taylor ultimately tried to withdraw his decision to sell the team. His company, Taylor Sports Group, alleged that the pair of new owners had missed their deadline to purchase the team, as outlined within the deal they had made.
According to multiple reports, Alex Rodriguez and Marc Lore fulfilled their financial obligations outlined in the original purchase agreement. Their first payment was made on time, securing a 20% stake in the franchise. They subsequently completed a second on-time payment, increasing their ownership to 40%.
The final installment, scheduled for March 2024, would have doubled their stake to 80%, granting them majority control of the team. However, disputes arose when Glen Taylor reconsidered the sale, leading to arbitration proceedings that ultimately ruled in favor of Rodriguez and Lore in February 2025.
Looking to the Future
When the Timberwolves’ future was unclear, the potential new owners added some financial powerhouses as partners with their investment group.
The additions include former New York Mayor Michael Bloomberg and former Google executive Eric Schmidt. Blue Owl Capital, an NBA-approved private equity fund, has also signed on to the Lore/Rodriguez group. The group further demonstrated that it was prepared to execute the transaction by placing an additional $950 million into escrow.
On April 2, 2025, NBA insider Shams Charania reported that Glen Taylor would not contest the arbitration panel’s ruling. This allows the Timberwolves’ sale to Alex Rodriguez and Marc Lore to proceed. Taylor’s decision ends a prolonged dispute and clears the way for new ownership.
There has not been an official statement from the Wolves/Lynx organization at this time.
Glen Taylor has owned the Timberwolves since 1994, guiding the team through highs and lows. Under his tenure, they reached the Western Conference Finals in 2004. Minnesota then endured a long playoff drought from 2005 to 2017. After reaching the postseason in 2017, the Timberwolves would not return to the postseason until 2021. Minnesota would also reach the conference finals in 2024.
Since Marc Lore and Alex Rodriguez joined, the Timberwolves have made the playoffs every year, revitalizing the franchise into a perennial contender.
The deal to purchase the Timberwolves also includes the four-time WNBA champion Minnesota Lynx, who reached the 2024 WNBA Finals.
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