The $1.5 billion sale of the Minnesota Timberwolves from Glen Taylor to an funding group led by e-commerce entrepreneur Marc Lore and former baseball star Alex Rodriguez gained NBA approval on Tuesday, finalizing a posh and contentious course of greater than 4 years after the deal was reached.
The possession switch that Taylor tried to cease final yr obtained a unanimous vote from the board of governors comprised of the 30 workforce homeowners, the league introduced. The deal, which is anticipated to shut this week almost 51 months and greater than 1,500 days after the preliminary settlement, consists of the four-time WNBA champion Minnesota Lynx.
The Timberwolves are planning an introductory information convention for Lore and Rodriguez subsequent month in Las Vegas through the NBA Summer season League. Lore and Rodriguez will function co-chairmen on the board, with Lore as Timberwolves governor and Rodriguez as alternate governor. For the Lynx, Rodriguez will function governor and Lore as alternate governor.