- The NBA Board of Governors voted to formally approve Alex Rodriguez and Marc Lore as minority partners of the Minnesota Timberwolves.
- A-Rod and his group agreed to buy the T-Wolves for $1.5B in a gradual sale that will see current owner Glen Taylor run the team until 2023.
- Minnesota is among the teams in the bottom of the 2022 NBA championship oddsboards.
Alex Rodriguez is now officially an NBA team owner after the league’s Board of Governors approved him and partner Marc Lore as minority shareholders of the Minnesota Timberwolves.
According to a report from ESPN, Rodriguez and Lore will become limited limited partners. Per the approval, A-Rod’s group will net 20% minority share of the Timberwolves and also an ownership stake in the WNBA’s Minnesota Lynx.
The former MLB superstar and Walmart e-commerce CEO agreed in April to buy the Timberwolves and Lynx from Glen Taylor for $1.5B. Under their agreement, the sale will be a multi-year process where Rodriguez and Lore will gradually transition to majority governorship.
The NBA Board of Governors approved Marc Lore and Alex Rodriguez as limited partners with the Minnesota Timberwolves and Lynx in a vote today, sources tell ESPN.
— Adrian Wojnarowski (@wojespn) July 20, 2021
Rodriguez and Lore can purchase another 20% in 2022, and another 20% in 2023. This string of purchases will lead to them becoming majority owners down the road. Current owner Glen Taylor will continue to operate the franchise until 2023 to help Rodriguez and Lore learn how to run an NBA franchise.
A-Rod has vowed to keep the team in Minnesota despite rumors that the is planning to move the Timberwolves to Seattle, where he spent his first seven MLB seasons. Seattle has been identified as the obvious next choice for an expansion or relocated NBA franchise.
The retired MLB star shortstop has been looking to own a pro sports team for quite some time Last year, Rodriguez and former fiance Jennifer Lopez submitted a $2.3B bid to buy the New York Mets. The bid though was unsuccessful and the Mets ended up getting sold to hedge fund manager Steve Cohen. But now, Rodriguez will finally realize his dream of becoming a professional sports team owner. He will however, inherit a team that will have to find its way back to the top.
2022 NBA Championship Odds
2022 NBA Championship odds 🏆 pic.twitter.com/f71DiL5JtD
— BetMGM 🦁 (@BetMGM) July 21, 2021
The best NBA betting sites aren’t too optimistic about the Timberwolves this coming season. According to BetMGM, they are among three teams that have the second worst odds to win the 2022 NBA title at +25000. At the BetOnline App, their odds are slightly shorter at +15000 but they are part of a group of teams with the third longest odds to win the Naismith Trophy in 2022.
Minnesota finished the 2020-21 season with a 23-49 record, third worst in the Western Conference and 6th worst in the entire NBA. They missed the playoffs for the third consecutive season but their winning percentage of .319 was slightly better than the previous year’s .297.
The Timberwolves fought through injuries, illness, and a coaching change. Despite those challenges, they finished the season winning nine out of their last 16 games, and were 12-13 since April 1st. Minnesota has a bright future with an impressive young core led by Karl Anthony Towns, D’Angelo Russell, and last year’s number 1 overall pick Anthony Edwards.