The $1.5 billion sale of the Minnesota Timberwolves from Glen Taylor to an investment group led by e-commerce entrepreneur Marc Lore and former baseball star Alex Rodriguez gained NBA approval on Tuesday, finalizing a complex and contentious process more than four years after the deal was reached.
The ownership transfer that Taylor tried to stop last year received an unanimous vote from the board of governors comprised of the 30 team owners, the league announced.
The deal, which is expected to close this week nearly 51 months and more than 1,500 days after the initial agreement, includes the four-time WNBA champion Minnesota Lynx.
The Timberwolves are planning an introductory news conference for Lore and Rodriguez next month in Las Vegas during the NBA Summer League. Lore and Rodriguez will serve as co-chairmen on the board, with Lore as Timberwolves governor and Rodriguez as alternate governor. For the Lynx, Rodriguez will serve as governor and Lore as alternate governor.
As the team deals with some out with the old and in with the new, there are also front office changes.
Wolves Chief Operating officer Ryan Tanke and Chief Executive Officer Ethan Casson are no longer with the organization. Tanke posting a letter on Tuesday thanking the organization which he has worked for since 1997.