The owners of the NBA unanimously approves $ 1.5 billion of wolves, WNBA Lynx from Taylor to the Lore-Rodriguez group

Minneapolis (AP) – the sale of $ 1.5 billion of the Minnesota timberwolves From Glen Taylor to a investment group Led by the e-commerce entrepreneur Marc Lore and the ex-baseball star Alex Rodriguez acquired NBA approval Tuesday, finalization of a complex and controversial process more than four years after the the agreement has been reached.

The transfer of ownership that Taylor attempted to stop last year received a unanimous vote from the Council of Governors of the League which includes the 30 team owners. The agreement, which should close almost 51 months this week and more than 1,500 days after the initial agreement, includes the four -time champion of the Wnba Minnesota Lynx.

Timberwolves are planning an introductory press conference for Lore and Rodriguez next month in Las Vegas during the NBA Summer League. Lore and Rodriguez will act as coprescenti in the Council, with Lore as a governor of Timberwolves and Rodriguez as an alternative governor, announced the League. For the lynx, Rodriguez will act as governor and tradition as an alternative governor.

“We fully recognize the great responsibility that derives from serving as administrators of these exceptional franchises,” Lore said in a declaration distributed by the organization. “We are committed to building an organization that establishes the standard for excellence, it is universally admired and rooted in pride that extends over generations.”

The commercial partners and close friends who met during the pandemic for a zoom call said they were committed to keeping the minnesota teams.

“I have dedicated my whole life to the world of sport, not only as a game, but as a powerful force that unites people, raises communities and changes life,” said Rodriguez. “I am incredibly honored and excited to roll up my sleeves and put myself at work. I know what it is for being a champion, and I am ready to bring the same commitment and guide to create a winning culture in Minnesota.”

The 83 -year -old Taylor, who grew up in a Minnesota dairy and built a fortune with a company specialized in the wedding invitations print, purchased the Timberwolves for about $ 88 million in 1994 to prevent them from moving after an agreement between the original owners and a group in New Orleans was developed by the NBA.

After the traditions and Rodriguez were overcome for the New York Mets by the manager of the Hedge Fund Steve Cohen, they paid their attention to basketball after learning that Taylor was exploring a sale. The agreement was organized in phases to allow Taylor to remain like a mentor.

The value of the franchise is more than doubled by that agreement of 10 April 2021 Revenue NBA with impressive. Forbes has estimated that Timberwolves are worth $ 3.1 billion. The latest sports calculations have anchored the club to $ 3.29 billion. Both publications put them as the lowest third in the championship, playing in a medium -sized market in a 35 -year -old arena.

Lynx was evaluated between $ 230 million (Forbes) and $ 240 million ( Sporty ), in the lower half of the League found in the middle of an expansion to 16 teams by 2028.

Taylor announced on March 28, 2024, he was exercising his right to retire from the sale because Lore and Rodriguez had lost the deadline to buy a third part of the club that would have given their group a participation of 80%.

Lore and Rodriguez were blinded by the decision and defended their integrity, accusing Taylor of having the seller’s remorse. They blamed the delay in payment on the slow pace of the League’s approval process and declared that they had submitted a waste of six days before the deadline.

The dispute went for the first time to mediation and then to the arbitration, where he ruled a three panels judge In favor of Lore and Rodriguez. Their group, which includes the former mayor of New York City Michael Bloomberg and the former manager of Google Eric Schmidt, was ready to buy Taylor and his partners completely rather than leave him with a 20% participation from the initial agreement.

Taylor decided in April I do not appeal to the arbitration decision, towards the end of his 31st season by checking the team. The Timberwolves saved his best last, reaching the finals of the Western Conference for a second consecutive year before losing the NBA champion Oklahoma City.

Even after making the playoffs in each of the last four seasons of Taylor, the Timberwolves have the worst record of the regular season of all times-1.196-1.680, a percentage of victory .416-current 30 franchising of the League. They are 39-55 in the playoff, with a elimination of the first round in 10 of the 13 times they have qualified.

Taylor and his wife Becky have published a farewell In the printed edition of the Minnesota Star Tribune Monday, which Taylor purchased in 2014. Timberwolves also published it on the front of their website.

“This marks the end of an extraordinary chapter of our life – one full of purpose, pride and a profound connection. When we prevented Timber wolves from moving to New Orleans in 1994, we did it with the hope of building something that could unite people throughout the Minnesota and beyond. And when we added Lynx in 1998, it was guided by our creation in the support and that could embrace the diversity committed to supporting women and embracing the spread of the WNBA factor and that they promised the reason, “for having committed a commission for the different. “He said, thanking their limited partners, the players, the staff, the community and fans for their support.

“Although we are moving away as owners, our love for this organization and this community remains stronger than ever. We will always be fan, encourage our seats, celebrate your triumphs and believe in what will come later. It was the honor of our life.”

Lore, whose net heritage is estimated by Forbes at $ 2.9 billion, is the CEO of the meal delivery service based in New York. He founded e-commerce company that had previously been acquired by the giants to detail Walmart and Amazon.

Rodriguez, an All-Star 14 times that marked 696 career home races but has been up to the Hall of Fame Hall due to his admitted use of drugs that improve performance, built a commercial career on real estate and development investments. He has earned over 450 million dollars of salaries for 22 years in the main championships.