The NBA Board of Governors has unanimously approved the $1.5 billion sale of the Minnesota Timberwolves and Minnesota Lynx to former MLB star Alex Rodriguez and billionaire Marc Lore, the league announced Tuesday. The transaction is expected to close later this week.
“I’ve dedicated my entire life to the world of sports; not just as a game, but as a powerful force that unites people, uplifts communities, and changes lives,” Rodriguez said, per a press release. “I’m incredibly honored and energized to roll up my sleeves and get to work. I know what it takes to be a champion, and I’m ready to bring that same commitment and drive to create a winning culture in Minnesota.”
Added Lore: "We are committed to building an organization that sets the standard for excellence, is universally admired, and rooted in pride that spans generations."
Tuesday's milestone marks the end of a years-long process, which began almost 51 months and over 1,500 days ago, per the Associated Press.
Lore and Rodriguez, who are slated to bee introduced next month during the NBA Summer League, will serve as co-chairmen. Lore will serve as Wolves governor and Lynx alternate governor, while Rodriguez will serve as Lynx governor and Wolves alternate governor.
On Monday, former owner Glen Taylor penned a goodbye letter to fans and the organization. Taylor purchased the franchise in 1994 for $94 million.
"Though we are stepping away as owners, our love for this organization and this community remains as strong as ever," Taylor and his wife, Becky, wrote. "We will always be fans, cheering from our seats, celebrating your triumphs, and believing in what comes next. It has been the honor of our lives."
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This article was originally published on www.si.com as NBA Officially Approves $1.5 Billion Sale of Minnesota Timberwolves, Lynx.