Glen Taylor has agreed to give full ownership of the NBA's Minnesota Timberwolves and WNBA's Minnesota Lynx to Marc Lore and Alex Rodriguez at the same $1.5 billion price tag they originally came to terms with in 2021, sources told ESPN's Shams Charania.
Taylor won't appeal an arbitration panel's decision in February to cede control of the franchises to Lore and Rodriguez, according to Charania, who added that the NBA will now start the transfer process.
The transaction is subject to approval by the league's board of governors.
Lore and Rodriguez agreed to buy the teams from Taylor in three separate installments. They purchased approximately 20% of the franchises in 2021 and another 20% portion in 2023.
A third payment would've given Lore and Rodriguez an approximate 80% ownership stake, but Taylor announced in March 2024 that the T-Wolves were off the market because Lore and Rodriguez hadn't completed their final payment within the 90-day deadline.
Lore and Rodriguez disputed Taylor's claim, and an arbitration panel sided with the duo.
Taylor bought the T-Wolves for $94 million in 1994 to prevent the franchise from moving to New Orleans.
