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The sale of the NBAs 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 received a unanimous approval from the NBA’s Board of Governors on Tuesday.
Rodriguez and Lore are familiar with the Timberwolves, because they previously had minority interests in the NBA franchise. Sales will be estimated to close within the coming days with an estimated $ 1.5 billion, ESPN reported.
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Generic photo of Minnesota Timberwolves Center Court -logo on December 18, 2022 in Target Center in Minneapolis, Minnesota. (David Sherman / NBAE via Getty Images / Getty images)
The complicated process of transferring the controlling interest in the basketball franchises to Rodriguez and Lore started almost four years ago.
Billionaire and politician Glen Taylor bought the Timberwolves in 1994.
Minority steam owners Marc Lore (L) and Alex Rodriguez of the Minnesota Timberwolves watch the Phoenix Suns in the second quarter during match two of the Western Conference First Round Playoffs in Target Center on April 23, 2024 in Minneapoli in Minneapoli (David Berding / Getty Images / Getty Images)
An introductory press conference for Rodriguez and Lore will take place in July in Las Vegas – the site of the NBA Summer League. Is expected New York Yankees Star is planned to be the alternative governor of the franchise.
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“We fully recognize the great responsibility that is accompanied by serving as stewards of these exceptional franchises,” Lore said in a statement. “We are committed to building an organization that determines De Standaard for Excellency, is universally admired and rooted in pride those generations spans.”
Rebekkah Brunson during a Jersey pension ceremony on 3 July 2022 in Target Center in Minneapolis, Minnesota. (Adam Bettcher / NBAE via Getty Images / Getty images)
“The NBA Board of Governors has 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 explanation Released Tuesday.
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The Lynx has won four WNBA championships Since the franchise was founded in 1999. The Timberwolves have never won an NBA Finals title, but have implemented the Western Conference Finals of this year.
