On April 10, Alex Rodriguez and Marc Lore agreed to become the next owners of the Minnesota Timberwolves. Presently, A-Rod and Lore officially joined the ownership group for Minnesota basketball. The deal includes stakes in not just the NBA's Timberwolves but the WNBA's Lynx as well. This morning, they released an official statement announcing their excitement to start the next chapter of their lives.
Billionaire majority-owner Glen Taylor first indicated his plans to sell the team a year ago. Kevin Garnett, former Timberwolves star, initially pursued the ownership stakes. However, his plans to make the purchase fell through in March. Instead, former three-time MLB MVP Alex Rodriguez and friend entrepreneur Marc Lore bought Taylor's ownership stake in the Minnesota T-Wolves and Lynx. The pair reportedly spent a whopping $1.5 billion in the deal with the Taylors.
Yesterday, July 20, 2021, Adam Silver and the NBA Board of Governors officially approved Rodriguez and Lore's partnership with the Wolves and Lynx. However, the duo must endure a two-and-a-half-year succession plan. As a result, they will collaborate with Glen Taylor's current ownership group for this time before obtaining full control of the two organizations.
Before seeking out Minnesota, A-Rod was first interested in purchasing a different professional sports team. The first was the New York Mets in the MLB. He paired with his former fiancée Jennifer Lopez to attempt the purchase. He made an offer for the Mets larger than what he bought Minnesota with. However, Rodriguez ultimately struck out in his pitch to buy the Mets.
It will be interesting to see how active Rodriguez and Lore will become in their time as owners. It would be nice to see new ownership more outgoing and engaged with their community. Many have pondered the prospect of the new owners moving the team to a basketball-starved city like Seattle. However, A-Rod has stated publicly that relocation is not in his plans, and the teams will stay in Minnesota.