The NBA’s Board of Governors voted unanimously on Tuesday to make Marc Lore and Alex Rodriguez the majority owners in the T’Wolves and Lynx “as the 31-year term of Glen Taylor comes to an end,” according to Chris Hine of the MINNESOTA STAR TRIBUNE. The approval comes “more than four years since they agreed to a multi-year process to become owners,” with the sale set to “become finalized” when the $1.5B deal closes on Wednesday. Tuesday’s vote “represents the league’s signing off on the transaction,” which it “did two other times in the process in 2021 and 2023, when Lore and Rodriguez bought shares of the franchises that amount to around 20%.” The events of the week “represent the end of a drawn out process to the finish line that began in March 2024,” when Taylor “tried to cancel the sale of the remaining portion of the franchises, citing Lore and Rodriguez’s failure to meet certain contractual deadlines.” Lore and Rodriguez “took him to arbitration, where they prevailed in a 2-1 decision in February.” Lore and Rodriguez have “committed to keeping the team in Minnesota from the day they joined the ownership group.” Other issues the two are likely to address include “plans for the future of Target Center or a new arena and their willingness to pay the NBA’s luxury tax to keep the Wolves competitive” (MINNESOTA STAR TRIBUNE, 6/24).
RELATED: Top T’Wolves execs step down ahead of ownership transition
