There are reports out Thursday that say the group assembled by businessman Marc Lore and former baseball star and current ESPN broadcaster Alex Rodriguez are expected to exercise their option to acquire controlling ownership interest of the Minnesota Timberwolves ownership from current owner Glen Taylor.
The action formalizes intent to purchase additional 40 percent of franchise giving Lore and Rodriguez 80 percent, and the majority ownership by early 2024. The agreement would still need to be approved by the NBA Board of Governors which at this point would likely be a formality.
Speaking last week to WCCO's Chad Hartman Show, current owner Glen Taylor said he expected them to wrap up the purchase by the end of the year.
"What will happen is, I'll get a letter before the end of the year stating from them that they are going to go ahead with the transaction within the next 90 days," said Taylor. "And I'll probably agree to that. We'll pick some mutual date that we agreed upon and then I assume they're going to do the deal."
The agreement originally had Taylor staying with the franchises for two years, running things with help from the new owners, while they gathered financing. It's turned out to be a slightly longer process since the May, 2021 agreement with Lore and Rodriguez. They currently have a December 31 deadline.
Previously, the Lore-Rodriguez group had asked for a 90-day extension in order to get financing together. Taylor said he would have likely given another extension if they asked for it, but added that they told him recently they had the money.
"I don't have any personal knowledge of where they're getting the money, and how they're getting the money or anything like that," Taylor explained. "I've just asked them, 'are you prepared?' And they said yes."
In 1994, Glen Taylor rescued the Timberwolves franchise by agreeing to buy the team from Harvey Ratner and Marv Wolfenstein after their original plan to sell to a New Orleans-based group was rejected by the NBA.
Taylor has seen the team through some good and bad years, but he felt it was time for a new generation to take over the operations of the team.
"When I accepted their offer, I looked at my age and thought that I have to plan for a transition here," Taylor told Hartman. "I made that decision and I thought that was best for the team and the community to help with that transition so it's orderly and it would work out. And so, you know, I would go back and forth on that type of stuff. I made it, I'm comfortable with the decision I made."
On the floor, the team is off to their best start ever, leading the Western Conference with a 22-7 record. Now it appears the off-the-court team will be coming together in 2024 as well.