(Minneapolis, MN) — The Timberwolves issued a statement Wednesday confirming the NBA has approved the sale of the team to Alex Rodriguez and Marc Lore.
The deal, which also includes the Lynx, was first reached between current owner Glen Taylor and Lore and Rodriguez this spring and was structured to begin with an initial transfer of a 20% stake in the club this year.
Lore and Rodriguez will then have the right to purchase additional 20% shares in 2022 and 2023, when they would become controlling owners of the two basketball teams. “Together with Marc and Alex, we take another step forward in building a world-class organization both on and off the court,” Taylor said in the statement.