MINNEAPOLIS — The NBA's board of governors approved Marc Lore and Alex Rodriguez's first acquisition for 20% of the Timberwolves and Lynx, sources confirmed Tuesday.
The sale is expected to close in coming days as Lore and Rodriguez embark on their two-year path to becoming controlling owners of the Wolves and Lynx.
Tuesday's approval was largely a formality after Lore and Rodriguez met with the league's finance committee last week and the committee recommended approval of the sale to the board of governors.
This first sale does not make Lore and Rodriguez controlling owners yet, but it will formally bring them into the ownership group of the Wolves and Lynx.
The approval also comes after current owner Glen Taylor, who also owns the Star Tribune, fended off a legal challenge from minority owner Meyer Orbach, who attempted to halt the sale on grounds Taylor violated their agreement over whether Orbach would get paid now or later for his approximately 16% of the franchise.
With the legal battle settled, the sale moved on for formal NBA approval. In court documents filed in the case, Taylor outlined the succession plan he had with Lore and Rodriguez, which involved a 20% sale this summer, which was just approved. Lore and Rodriguez are then expected to purchase another 20% in 2022 and another 20% in 2023, at which point they will become controlling owners of the franchises.
The sale price was $1.5 billion. Each sale to Lore and Rodriguez must get NBA approval. ESPN first reported Tuesday's approval.
