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Sale of Timberwolves and Lynx to Alex Rodriguez, Marc Lore gets NBA approval

Sources told ESPN about the league approval Tuesday, and the Wolves confirmed it Wednesday.
Credit: Timberwolves
Marc Lore and Alex Rodriguez.

MINNEAPOLIS — The Minnesota Timberwolves and Lynx officially have new owners, the teams confirmed Wednesday. 

Sources told ESPN Tuesday that the NBA had voted to approve Marc Lore and Alex Rodriguez as limited partners for the Lynx and the Wolves. 

The initial agreement that owner Glen Taylor confirmed to the Associated Press in April includes a 2.5-year succession plan with a handover in 2023. The Athletic reported in May that the purchase price was $1.5 billion. 

PREVIOUS COVERAGE: Timberwolves, Lynx sale to Alex Rodriguez, Marc Lore ready for NBA approval

"We are pleased to officially welcome Marc Lore and Alex Rodriguez to the Minnesota Timberwolves and Lynx family," Taylor wrote in a statement released Wednesday. "Together with Marc and Alex, we take another step forward in building a world-class organization both on and off the court." 

The Wolves followed up on Twitter, showing off a Rodriguez jersey. 

Rodriguez announced on Twitter that he and Lore had officially joined the Timberwolves ownership group, referencing his humble beginnings. 

"Today is a historic day for my family and me," A-Rod posted. "After growing up witnessing my mother work two jobs, I never dreamed this would be possible."