The Phoenix Suns are officially changing hands, but the sale of the Minnesota Timberwolves may be in limbo.
The NBA board of governors approved Mat Ishbia’s purchase of the Suns. Ishbia agreed to purchase the team in December, following allegations of racism and misogyny against previous owner Robert Sarver.
- Ishbia is paying $2.28 billion for a 57% controlling stake in the team.
- The league’s owners voted 29-0 to approve the sale, with the Cleveland Cavaliers abstaining.
- Cavaliers owner Dan Gilbert has a rivalry with Ishbia stemming from their statuses as the owners of the two largest mortgage lenders in the U.S., Rocket Mortgage and United Wholesale Mortgage, respectively.
Suns CEO Jason Rowley, who was named in a damning report commissioned by the NBA outlining the culture under Sarver, has reportedly resigned.
Timberwolves Sale in Hibernation
Meanwhile, Alex Rodriguez and Marc Lore were granted permission to delay a payment of $200 million to March 28, according to the Twin Cities Pioneer Press. The payment, originally due Dec. 31, will give the pair a 40% stake in the team. The two purchased a 20% stake in July 2021.
They will take a controlling stake on completion of a $400 million payment scheduled for later this year. The NBA board of governors has not yet approved the full sale.
Rodriguez was struggling to raise funds as of August, according to the New York Post, which claimed that he owned 7% of the team to Lore’s 13%.