Glen Taylor's Ownership of the Minnesota Timberwolves
Glen Taylor, the former Minnesota governor and longtime owner of the Timberwolves, completed the sale of the NBA franchise to Marc Lore and Alex Rodriguez in February 2023. The transaction ended Taylor's 33-year ownership tenure, which began in 1994. The sale price was reported at approximately $1.5 billion, making it one of the largest deals in NBA history. The deal required approval from a majority of NBA team owners, which was granted after a league-wide vote confirmed the transaction. Taylor had previously explored selling the team multiple times before finalizing the agreement with the new ownership group led by Lore and Rodriguez.
The sale was structured to include the Timberwolves, the WNBA's Minnesota Lynx, and the management of Target Center. Taylor's departure from the franchise was formally completed once the NBA Board of Governors ratified the transfer of the controlling interest. The new ownership group, led by Marc Lore, the co-founder of Jet.com and former Walmart executive, and Alex Rodriguez, the former professional baseball player, immediately took over the business operations. Glen Taylor remained involved in a transitional advisory role for a brief period but no longer holds any ownership stake or board seats within the franchise. The league confirmed the change in control as part of its standard ownership verification process.
Current Ownership Structure and Leadership
Marc Lore now serves as the controlling owner and governor of the Timberwolves, with Alex Rodriguez holding a minority ownership stake and serving as co-chairman of the franchise. The new ownership group established a dedicated holding company to manage the Timberwolves, the Lynx, and the Target Center. The structure separates the basketball operations, led by the general manager and head coach, from the business and revenue functions overseen by the new owners. The franchise's valuation has increased significantly since the sale, reflecting the growth of the NBA's media rights deals and the expansion of the league's global revenue streams. The new owners have publicly committed to investing in the team's long-term competitiveness and the fan experience at Target Center.
Marc Lore's Background and NBA Ownership
Marc Lore brought significant experience in e-commerce and retail to the Timberwolves ownership group, having co-founded Jet.com and later serving as President of Walmart's e-commerce division. His acquisition of the Timberwolves marked his entry into professional sports ownership, alongside his investments in other ventures. The NBA ownership committee conducted a thorough review of Lore's financial qualifications and business history before approving the sale. Lore's group outbid several other potential buyers, including a consortium led by a prominent music executive. The final agreement included specific commitments regarding arena upgrades and community investment initiatives in the Minneapolis metropolitan area.
Timeline of the Timberwolves Sale Process
The sale process began in late 2021 when Glen Taylor officially hired an investment bank to explore offers for the franchise. The NBA received the formal application for the ownership transfer in early 2022, triggering a league-wide review period. The league's ownership committee evaluated the proposed buyers and their financial backing before recommending approval to the full Board of Governors. The final vote took place in January 2023, with the transaction closing shortly after the league's approval. The process was notable for its transparency and adherence to the NBA's strict ownership guidelines, which prioritize the financial stability and long-term viability of the franchise.
Key Dates and Transaction Details
The formal announcement of the sale was made in late January 2023, with the closing of the deal occurring in February 2023. The purchase price of approximately $1.5 billion included the Timberwolves, the Lynx, and the operating rights to Target Center. Glen Taylor received a significant portion of the proceeds from the sale, which he has since reinvested in other business ventures. The transaction was financed through a combination of equity from the new ownership group and debt financing from a consortium