The sale of the NBA's Minnesota Timberwolves and the WNBA's Minnesota Lynx to a group led by former MLB star Alex Rodriguez and e-commerce entrepreneur Marc Lore has gained unanimous approval from the NBA's board of governors, the league announced on Tuesday.
Rodriguez and Lore have familiarity with the Timberwolves, as they previously held minority stakes in the NBA franchise. The sale is estimated to close within the next few days at an estimated $1.5 billion, ESPN reported.
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The intricate process of transferring controlling interest in the basketball franchises to Rodriguez and Lore began nearly four years ago.
Billionaire and politician Glen Taylor purchased the Timberwolves in 1994.
An introductory press conference for Rodriguez and Lore is scheduled to take place in July in Las Vegas — the site of the NBA summer league. Lore is expected to serve as the T'Wolves primary governor, while the former New York Yankees star is slated to be the franchise's alternate governor.
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"We fully recognize the great responsibility that comes with serving as stewards of these exceptional franchises," Lore said in a statement. "We are committed to building an organization that sets the standard for excellence, is universally admired, and rooted in pride that spans generations."
"The NBA Board of Governors has unanimously approved the sale of the controlling interests in the Minnesota Timberwolves and the WNBA’s Minnesota Lynx from Glen Taylor to Marc Lore and Alex Rodriguez," the NBA wrote in statement released on Tuesday.
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The Lynx have won four WNBA championships since the franchise was founded in 1999. The Timberwolves have never won an NBA Finals title, but advanced to this year's Western Conference Finals.
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