The Minnesota Timberwolves have been sold.
The Minnesota Timberwolves have been a failing franchise for over a decade. The franchise that Glenn Taylor has been chairman of since 1994 has been completely and utterly underwhelming during his tenure as the minority owner.
Last July, Taylor began seeking purchasers for both basketball clubs in Minnesota, the NBA’s Timberwolves and the WNBA’s Lynx. Before getting excited T-Wolves fans, Rodriguez and Lore will not take control of the franchise until 2023. At this time it is unclear when exactly in 2023 it will be.
Statement from ARod and Lore: “We look forward to entering this phase of the process with Glen Taylor. Our respect for him and the legacy he has built lays an amazing foundation for what is to come. We are excited by the prospect of getting to know the Timberwolves organization.. https://t.co/40Nq1iOTqd
— Adrian Wojnarowski (@wojespn) April 10, 2021
While Taylor has served as Chairman, over the course of 27 years, the Timberwolves have had one playoff appearance where they advanced beyond the Western Conference semifinals. The singular post-season run occurred during the 2003-04 season when Wolves legend Kevin Garnett was at the peak of his powers, propelling the Wolves all the way to the Conference Finals.
The 2003-04 campaign was also the most successful regular season in team history as the club won an impressive 58 games. A mark good for the West’s top-seed, the only time the Wolves have captured the prestigious spot.
Will the Wolves stay in Minnesota?
This is a tricky question to answer, more times than not when a team changes ownership there is always a small chance the team could relocate. Given the Wolves’ lack of success, they own an all-time record of 993-1536 which is a .393 winning percentage (yikes) I would say their future of remaining in Minneapolis is guarded.
In his report, Adrian Wojnarowski added Rodriguez has ties to Seattle and the growing desire could impact whether relocation is an option for the franchise.
Cashing in on an investment
When Taylor purchased the Wolves in 1994, he paid only $88 million for the team. Per reports, Rodriguez and Lore will acquire the team for 1.5 billion USD. The hefty price tag comes just below the Forbes February team valuation of 1.4 billion USD.
It would be an understatement to say that is a terrific return on investment that sets the Taylor family up with continued generational wealth.
In conclusion, the sale will either open the door to a whole new era of basketball in Minnesota or take NBA basketball out of the state potentially forever. It will be intriguing to see what direction the new owners forgo.