Alex Rodriguez, former Yankees star, and Mark Lowrey, an e-commerce billionaire, officially joined the ownership group On Wednesday, the NBA’s Minnesota Timberwolves and the WNBA’s Minnesota Lynx were bought after a limited stake in the teams was approved by the NBA’s Board of Governors.
For now, the teams will still be controlled by their longtime owner, Glenn Taylor, but it is expected that in 2023 Rodriguez and Lor will be the controlling owners. in april, a spokesperson for the Timberwolves said the purchase agreement would “initially require a limited partnership stake along a route to controlling ownership of the organization.” Teams sold for $1.5 billion, writes The New York Times Reported.
Taylor, 80, is a Minnesota native and has made a fortune in printing. He bought the Timberwolves in 1994 from an ownership group that was attempting to move the team out of state. he keeps told Star Tribune newspaper, which it also owns, that the sale agreement would include language to keep the teams in Minnesota, though it was unclear whether that was happening.
Rodriguez and Lor were part of a group, along with Jennifer Lopez and others, that Tried to buy the Mets, but came up short in Steven Cohen’s billions.
Since his retirement from playing baseball in 2016, Rodriguez has served as a baseball commentator for both Fox and ESPN, as well as investing in several companies. Vidya founded Diapers.com, which was sold to Amazon and Jet, which was sold to Walmart for $3.3 billion.
While Rodriguez and Lor are now part of the ownership group, there is no guarantee that all will be well.
One of the two must be designated as the controlling owner because, as with other major professional sports leagues in the United States, according to NBA rules, one person must be the final decision-maker. Planned ownership succession can proceed smoothly, as trap, or mess with, eg Denver Broncos. and notwithstanding the inclusion of a clause that The new owners of the Seattle SuperSonics Make a “good faith effort” to find a new area in the Seattle area two years later in 2006 The team became the Oklahoma City Thunder, a situation that the NBA certainly does not want to repeat with the Timberwolves, who joined the league in 1989.