The NBA’s Board of Governors has formally approved former MLB star Alex Rodriguez and Marc Lore as minority shareholders of the Timberwolves via a vote, per Adrian Wojnarowski of ESPN.
This truly did seem like a formality, as the duo reached agreement to purchase the team with Timberwolves owner Glen Taylor several months ago. Rodriguez and Lore are expected to take majority control of the franchise soon, although that won’t happen immediately.
Per reports, the agreement is for them to officially take control ahead of the 2023-24 season. The deal also includes ownerships of the WNBA’s Minnesota Lynx.
“The approval also comes after current owner Glen Taylor … fended off a legal challenge from minority owner Meyer Orbach, who attempted to halt the sale on grounds Taylor violated their agreement over whether Orbach would get paid now or later for his approximately 16% of the franchise,” wrote Chris Hine of the Minneapolis Star Tribune.
The sale price was a reported $1.5 billion. The Timberwolves finished 23-49 this past season. They do not have a pick in the July 29 NBA Draft.