Sale of Timberwolves Nearly Complete
NBA league sources have confirmed that a deal is nearly complete for the rights to purchase the Minnesota Timberwolves.
A group led by former MLB star Alex Rodriguez and billionaire Marc Lore is finalizing talks with majority owner Glen Taylor.
Not only will this new group take control of the Minnesota Timberwolves, but the purchase of the Minnesota Lynx of the WNBA is also included in the sale. Taylor has been shopping around the teams for the last few seasons, but it was unclear if he would ever find a group that he was willing to deal with.
The official purchase price is unknown, but sources believe that it will be in the $1.5 million range when the sale is complete. The other owners in the NBA, and the league itself, will have to approve of any sale before it becomes official.
Taylor appeared to have a potential buyer in hand last July when billionaire Ryan Smith was in the final stages of purchasing the team. Smith eventually pulled out of discussions and went on to buy the Utah Jazz for $1.66 billion.
Taylor bought the Timberwolves for just $88 million in 1994, saving the team from being moved to New Orleans at the time. The 79-year-old has been criticized for the way he has run the team over the past few decades, especially since the team has not been very competitive.
If this deal goes through, Taylor would reportedly continue to run both franchises for the next two years during a transition period. Rodriguez and Lore would then take over the Timberwolves and Lynx in 2023.
Garnett Out, A-Rod Finally Strikes
Kevin Garnett is the best player to ever play for the Minnesota Timberwolves, and the Hall of Famer was looking to buy the team as recently as 2020. Garnett was very public and open about his attempts to purchase the team, but a deal was never made.
Since Garnett left Minnesota, he has been very critical of Taylor and the way that he has run the franchise. According to Garnett, Taylor was unwilling to negotiate in good faith, and the power forward eventually bowed out of the discussions.
This is not the first attempt for Rodriguez in looking to purchase a professional sports franchise. His group was looking to buy the New York Mets in 2020, but those talks fell apart at the last second.
There will be a number of questions that come when this sale is complete, and the future of the Timberwolves in Minnesota will be the biggest one to answer. This team has struggled over the last few years, and attendance has gone way down.
The NBA is reportedly looking to bring a team back to Seattle after the former SuperSonics were moved to Oklahoma City and became the Thunder. It’s unclear if this new ownership group has plans to move the team, but this will be something to watch out for over the next few months.
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