"$1.5 Bn is a steal" - NBA fans react as Alex Rodriguez & co. seal the deal to own Timberwolves after heated tussle
After years of trying to work out a deal, the Minnesota Timberwolves are now officially going through an ownership change. Following news of Alex Rodriguez and Marc Lore acquiring the franchise, fans flooded social media with their thoughts.
Rodriguez and Lore were originally minority owners of the franchise and began the process of buying the team in 2021. However, things came to a screeching halt a little over a year ago when current owner Glen Taylor believed they breached their agreement of the sale.
In a process that took nearly four years, the Timberwolves are now set to change hands. Taylor has agreed to sell them and the Minnesota Lynx of the WNBA to Rogriquez and Lore for the price of $1.5 billion.
As expected, another franchise being sold had NBA fans buzzing all over social media.
After decades of Taylor being at the helm, Wolves fans are elated to see some fresh faces enter the mix.
"BAAAAANG," one fan said.
"Finally the Timberwolves have a competent front office," another fan said.
"LETS F****** GO! WOLVES ARE SO F****** BACK," said one fan.
As the franchise changes ownership, the team finds itself fighting for playoff positioning. With just a few games to go, Minnesota is teetering on the fence of having a top-six seed or having to compete in the play-in tournament.
Glen Taylor yields massive return in sale of Minnesota Timberwolves
As the league continues to grow in popularity, the value of NBA franchises has skyrocketed over the past decade. This has resulted in longtime owners cashing in on massive returns when opting to sell their respective franchises.
The Timberwolves are the second NBA team to go through an ownership change this season. Just a few weeks ago, the Boston Celtics sold for a record-breaking $6.1 million. Previous owner Wyc Grousbeck made a fortune on his investment, originally buying the team for $360 million in the early 2000s.
With a final price being agreed upon for the Wolves, Glen Taylor is now the latest NBA owner to get a massive return in a sale. While the franchise sold for much less, his investment still panned out for him, Taylor was one of the longer-tenured owners in the league, first buying the team for $94 million over 30 years ago.
As for Rodriquez and Lore, they now inherit a franchise with one of the league's top young stars on the roster. With Anthony Edwards just getting ready to enter his prime, Minnesota is going to be a notable team in the NBA for the foreseeable future.