After a 4 year legal battle, the Minnesota Timberwolves have officially been sold to Mark Lore and Alex Rodriguez for the price of $1.5 Billion Dollars from now former-owner Glen Taylor.
Lore and Rodriguez had begun the process of acquiring the team in 2021 as part of a three payment plan, and things were off and running until the owner at the time Taylor, called off the sale due to his belief in Lore and Rodriguez breaching a term in the Sale Agreement, while also missing a deadline to make the deal final.
The battle would hit the courts apart of an arbitration case in which Lore and Rodriguez won, and in the following weeks an agreement was made between the New Ownership group and Taylor to officially hand over the keys to the Franchise.
Lore and Rodriguez were also said to have added a couple of other partners in the business venture, adding former New York City Mayor Michael Bloomberg, as well as former Google Executive Eric Schmidt, and including an NBA-approved private equity fund, “Blue Owl Capital.”
The new group of owners will take over officially after this season concludes, and the Glen Taylor era is over in Minnesota.
Taylor purchased the Timberwolves for $93 Million dollars back in 1994 saving the team from a possible relocation. During his tenure, Taylor and the Timberwolves were underwhelming besides last years rise to the Conference Championship which ended in a series loss. The Timberwolves have only 1 Division title back in 2004, have never won a conference championship, and have yet to reach the NBA Finals.
Lore and Rodriguez will look to turn the tide just like many of the owners of Minnesota Sports teams, with last years success, and this years late push to the playoffs, the sun could be shining brighter very soon in the land of 10,000 Lakes.
Photo Credit: Canis Hoopus
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