The NBA officially approved it! It took a full 4 years! The Timberwolves completed the sale

On June 25, the NBA officially announced that the league's board of directors officially approved the sale of the Minnesota Timberwolves and the WNBA Minnesota Bobcats, and agreed to hand over the controlling stakes of the two teams by Glen Taylor to Mark Lore and Alex Rodriguez. After four years, the Timberwolves' deal was finally completed.

The Timberwolves' valuation of the team sold this time is only US$1.5 billion. In 2024, Forbes' valuation of the Timberwolves is US$3.1 billion. Why is Glen Taylor so cheap? Because of the team selling agreement he signed in May 2021, the market value of NBA teams had not soared at that time. If Taylor hadn't sold it at the time, it would have been twice as much as it has been.

Lakers were sold at a valuation of $10 billion, and the Celtics were $6.1 billion, and there was no problem with the transaction process. Why did the Timberwolves delay four years? The new Timberwolves boss Mark Lor and Rodriguez had insufficient funds. At that time, it was agreed to pay $1.5 billion in three transactions, and the last payment was March 28, 2024.

The two new bosses did not pay on time. On March 28, 2024, Taylor issued a statement to withdraw the transaction: "The last payment should be paid today, but the buyer did not pay on time. So I decided to withdraw the transaction, and the Timberwolves will no longer be sold." The two new bosses filed a complaint with the NBA league and then went to court. An arbitration hearing was held in November 2024, and the two new bosses had already collected the final payment. In February 2025, the arbitration results were announced: Taylor should fulfill the agreement and sell the Timberwolves to Lorre and Rodriguez. In April 2025, Taylor transferred the Timberwolves ownership; in June 2025, the alliance board approved the transaction.

Taylor sold the Timberwolves completely, and the happiest thing was Garnett. Garnett once said that the former Timberwolves basketball president and coach Sanders and boss Taylor promised that KG would join the Timberwolves management after retirement and would get shares in the team. After Sanders died in October 2015, Taylor denied the agreement.

Taylor originally wanted to retire Garnett's jersey in the 2020-21 season, but KG refused. Now that the two new bosses take over, I believe Garnett's No. 21 jersey will be retired soon. What do you think?