Glen Taylor agrees to transfer Timberwolves ownership to A-Rod, Lore: Report

MINNEAPOLIS (FOX 9) - After attempting to block the deal, sparking a years-long legal battle, Glen Taylor has now agreed to transfer full ownership of the Minnesota Timberwolves and Lynx to Alex Rodriguez and Marc Lore.

Timberwolves ownership saga

The backstory:

In 2021, former baseball star Alex Rodriguez and former Walmart executive Marc Lore agreed to purchase the Timberwolves and Lynx from Taylor for $1.5 billion.

The agreement allowed the duo to make payments in stages to gain ownership. However, in March 2024, Taylor claimed Lore and Rodriguez had missed a deadline for a final payment, which he argued allowed him to block the sale.

Taylor initially bought the team in 1994 for just $94 million.

The other side:

The dispute ultimately went to arbitration, with a panel ultimately siding with Rodriguez and Lore back in February.

New agreement reached

What's new?:

According to ESPN reporter Shams Charania, Taylor, Rodriguez and Lore have agreed to move forward with the ownership deal, making the group led by Rodriguez and Lore full owners of the team.

Taylor has agreed not to appeal the arbitration decision and the renewed deal keeps the sale price at $1.5 billion.

More backing:

ESPN also reports that Rodriguez and Lore have added new partners to their ownership group, including former New York Mayor Michael Bloomberg, former Google exec Eric Schmidt, and private equity firm Blue Owl Capital.

‘I’m excited for new ownership'

What fans are saying:

FOX 9's Babs Santos spoke with several season-ticket holders Wednesday night. Some are concerned it might signal the team's departure from Minnesota. Others are excited for new owners, and for the saga to be over.

"I’m worried that it’s going to pull them out of the Target Center," season ticket holder Gary Sarver said.

"The Taylor family has done such a great job, but I’m excited for new ownership," season ticket holder Dominique Giesen said.

"I think the new blood is going to bring more championships for the Lynxs, and at least one for the Timberwolves," season ticket holder Nancy Jensen said.

"I’m glad it seems like it’s finally settled, and I’m hoping that the board of governors can vote and make it official with the NBA," season ticket holder Ryan Haines said. "I am hoping to see a possible new arena, and I hope it stays downtown."

What's next:

According to the ESPN report, the NBA will begin the transfer process. The league's Board of Governors has to approve the sale before it can become final.