Marc Lore and Alex Rodriguez are set to start their arbitration case against Glen Taylor on Nov. 4th, which will determine who controls the Minnesota Timberwolves moving forward. Following the discovery process over the summer, the Lore/Rodriguez group has become confident they will win and have their finances in order. They plan to arrive at the proceeding with more than $900 million in escrow as well as $200 million in working capital. This will demonstrate they can complete the purchase of the final 60 percent of their $1.5 billion transaction.
The Lore/Rodriguez group has the backing of former Google CEO Eric Schmidt as well as Michael Bloomberg.
Even if an arbitrator sides with the Lore/Rodriguez group, the other 29 governors will still vote on the sale. Lore and Rodriguez have spent the past year trying to line up support from other owners over dozens of meetings.
The Wolves face massive financial losses this season after largely operating as one of the NBA’s most frugal franchises. The trade of Karl-Anthony Towns to the New York Knicks will alleviate some financial pressure for the franchise over the long-term.
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September 28, 2024 | 9:30 pm
