A-Rod, Lore Deposit $940M As Wolves Ownership Hearing Nears

The long-running ownership drama surrounding the Timberwolves may be inching closer to resolution, as part-owners Alex Rodriguez and Marc Lore have made a large escrow deposit in advance of a key upcoming hearing. Regardless of who ultimately owns the team, though, another big bill is now on the way.

Rodriguez and Lore, who have been battling with current majority owner Glen Taylor over control of the team, recently made a deposit of more than $940 million into an escrow account, according to industry sources and multiple reports. The outlay is designed to show they have the financial wherewithal to complete the original $1.5 billion deal. The two have already made two prior payments to amass a 40% minority stake in the Timberwolves and WNBA’s Lynx.

The dispute has been in arbitration for months after conventional dealmaking, and then mediation, failed after Taylor abruptly pulled the team off the market in March. Rodriguez and Lore intended to complete a multistage acquisition of team majority control, but Taylor contended the pair did not meet key deadlines originally set in 2021—setting off the still-active conflict. 

A hearing in that arbitration process is set for Nov. 4. If Rodriguez and Lore prevail there, the purchase would then be subject to approval by the NBA Board of Governors, where at least 23 of 30 teams would need to support the deal.  

Rodriguez is currently in Los Angeles and set to be part of Fox’s on-air broadcast team for the high-profile World Series. He and Lore also have received financial support for their efforts from former New York mayor Michael Bloomberg, among others.

Should the deal be finalized, Rodriguez and Lore would be receiving a significant discount on current team values. The Timberwolves in particular carry an estimated valuation of $2.5 billion, and both NBA and WNBA team values are still rising amid new domestic media deals for both leagues. 

Big Signing

The ultimate majority owner of the Timberwolves, meanwhile, will be responsible for big payments to center and franchise cornerstone Rudy Gobert. The 32-year-old Gobert, last season’s NBA Defensive Player of the Year and a four-time winner of that honor, has agreed to a three-year, $110 million extension, according to an ESPN report. 

The pact, foregoing a $46.6 million player option for next season, keeps Gobert in place through the 2027–2028 campaign, a key move in Minnesota’s title aspirations after reaching the Western Conference finals this past spring, falling to Dallas. Gobert is now an even more critical piece to the Timberwolves’ roster after the team recently traded away star big Karl-Anthony Towns to the Knicks, showcasing the large role of salary-cap management in the NBA’s current labor deal.