Timberwolves and Lynx Valued at $4.5 Billion in New Ownership Deal

The Minnesota Timberwolves and Minnesota Lynx have a new owner following a deal that values the two National Basketball Association (NBA) and Women's National Basketball Association (WNBA) franchises at $4.5 billion. This valuation positions the Timberwolves as the fourth most expensive NBA franchise ever sold. The transaction involves majority owner Glen Taylor selling his controlling stake in the teams. Taylor, who purchased the Timberwolves in 1994 for $88 million and the Lynx in 2002, will retain a minority ownership stake in both franchises. The new ownership group is led by former Walmart executive Marc Lore and former New York Yankees star Alex Rodriguez, who are often referred to collectively as A-Rod Corp. Lore and Rodriguez had previously agreed to purchase the teams from Taylor in April 2021, with the deal structured in stages. The initial agreement saw them acquire a 20% stake, followed by another 20% in 2022. The finalization of the remaining 60% stake at the $4.5 billion valuation marks the completion of this multi-year acquisition process. This deal surpasses previous high-value NBA franchise sales, including the Phoenix Suns, which were sold for $4 billion in 2022, and the Brooklyn Nets, acquired for $3.2 billion in 2019. The sale underscores the significant financial growth and appeal of NBA franchises in the current sports market. Lore, a serial entrepreneur known for founding Jet.com, and Rodriguez, a prominent investor and businessman, bring substantial financial backing and sports industry experience to their leadership roles. Their involvement signals a commitment to the continued development and success of both the Timberwolves and the Lynx. Glen Taylor, who has been a fixture in Minnesota sports for decades, will continue to have a presence as a minority owner, ensuring a degree of continuity. The financial terms of the deal, while placing the valuation at $4.5 billion, will be subject to standard closing conditions and league approvals. The NBA and WNBA are expected to review the transaction to ensure it aligns with league ownership rules and regulations. This sale represents a major shift in the ownership landscape of professional basketball in Minnesota and highlights the increasing commercial value of sports franchises.