The Minnesota Timberwolves can probably see a turnaround in their ownership very soon. It was reported by many sources recently that a Timberwolves sale is in talks as Alex Rodriguez and Marc Lore are planning to become majority powers of the franchise.
A change in the ownership would be refreshing for the Wolves as the current owner, Glen Taylor has not been very efficient in his decision-making ability lately. The Wolves owned by Alex and Marc could be the catalyst to start a Wolves era in the NBA.
How close are Alex Rodriguez and Marc Lore to acquire Timberwolves?
Marc Lore, the billionaire businessman, and Alex Rodriguez, the MLS legend are one step closer to becoming the owner of the Minnesota Timberwolves. The duo recently paid $290 million on Tuesday, their second installment out of the three installments required to make a complete purchase of the franchise.
The third installment for Alex and Marc is due by 31st December 2023 but it is yet to be seen if the payment will be made on time and the ownership will be transferred by early 2024 or if it will take longer.
The duo agreed to the Timberwolves sale from the current owner of the Wolves, Glen Taylor in 2021 for $1.5 billion. A multi-year transition process was agreed upon between Glen and the purchasing parties that allowed them to pay the required amount over three installments. This benefitted both the parties involved in the deal as it gave Glen, who has been the owner since 1994, some more time as the in-charge and much-needed time for Alex and Marc to pay the hefty amount and learn about the league.
Before the agreement of a Timberwolves sale, Marc and Lore have already been involved in some of the biggest decisions taken by the franchise in recent years. Some of those decisions include securing the Rudy Gobert trade and offering a $40 million five-year contract to Tim Connelly to join the team as the president of Basketball Operations.
What is Timberwolves current valuation?
The Minnesota Timberwolves are a franchise that has built a great legacy in the NBA despite not having championship glory. It has a passionate fanbase and has given them some of the most unforgettable and thrilling moments of their lives. Founded in 1989 the Wolves have seen many ups and downs where they have qualified for the playoffs several times.
They have given birth to some of the best players to ever play in the NBA like Kevin Garnett, Kevin Love, and Karl-Anthony Towns. Although they haven’t been to the NBA finals, their style mesmerizes many fans and pulls them in to become a Wolves supporter.
According to Forbes the Minnesota Timberwolves are valued at $2.5 billion, this evaluation was done on October 2023, two years after the Timberwolves sale agreement between Alex and Marc and owner Glen. While Sportico values the franchise a bit higher than Forbes, they think the franchise is worth $2.94 billion. The value of NBA teams jumped by around 33% just in the last year, so the current Timberwolves sale deal is very favorable for Alex and Marc.
What do you think of the Timberwolves sale agreement? Do you think the Wolves need a new owner? We are eager to hear your thoughts, so drop down in the comments and let us know.
