What’s next for the sale of the Timberwolves?

The Minnesota Timberwolves have been in ownership limbo for much of the past decade.

Last week, when Wolves owner Glen Taylor announced he’d voided a contract to sell control of the team to Marc Lore and Alex Rodriguez after a three-year process, it marked the third time since 2014 Taylor canceled a sale plan, all of them with different bidders.

This time, with the Wolves enjoying their best season in 20 years, the entire NBA has its eyes on Minnesota. The Wolves have rising superstar Anthony Edwards under contract for five more seasons and re-signed nearly all of his supporting cast, leaving them in position to be a contending team for the foreseeable future … if ownership can stay out of court and foot the bill.

Here are the four biggest questions surrounding what is happening in Minnesota and what it means for the Wolves on the court.

How did we get here?

In 2021, Taylor agreed to sell controlling interest in the Wolves to Lore and Rodriguez for a $1.5 billion valuation in three payments that were meant to be completed by this season. This was an unconventional way to purchase a team and turned off some suitors. But it was preferred by Taylor, who wanted to form a relationship with new ownership and gradually hand over control while keeping a piece of the franchise. It also allowed the potential new owners time to raise money.

Neither Lore nor Rodriguez are billionaires. A majority of Lore’s wealth comes from selling Jet.com to Wal-Mart in 2016, which netted him $477 million, per SEC filings. Rodriguez earned about $440 million in his 22-year baseball career, with Forbes estimating his total earnings including endorsements at $475 million.

But they had made a sweetheart deal that gave Lore and Rodriguez instant equity. Four teams have been sold since at much higher valuations: the Phoenix Suns for $4 billion, the Dallas Mavericks for $3.5 billion, the Charlotte Hornets for $3 billion and co-ownership of the Milwaukee Bucks for $3.5 billion. In December, Sportico valued the Wolves at $2.8 billion.

The group made the first two payments in 2022 and 2023, getting ownership of about 36% of the team, and announced they’d filed paperwork to buy an additional 40% for about $600 million that could gain them control of the…