Minnesota Timberwolves and Minnesota Lynx controlling owner Glen Taylor and minority owners Marc Lore and Alex Rodriguez will begin their arbitration hearing this week as both sides are fighting for controlling ownership of the franchise. A decision is expected in December.
While the arbitration decision is binding, Lore and Rodriguez would still need their purchase of the Wolves to be approved by 23 other owners to assume controlling ownership. If the arbitrators rule for Taylor, he will be able to end the process.
The Wolves were purchased by Lore and Rodriguez in 2021 at a $1.5 billion valuation. The team is now valued at approximately $3 billion. The sale agreement set a schedule of three stages at the request of Taylor. The first two happened in 2022 and then 2023, as Lore and Rodriguez purchased 36% for approximately $600 million in total. The deal called for them to pay an additional $600 million to control about 80% by the end of March.
Taylor contends that Lore and Rodriguez missed the deadline for the final payment. Lore and Rodriguez have said in interviews and documents they had the cash to complete the deal but were delayed by the NBA in its approval of the transaction and were thus entitled to an extension.
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November 4, 2024 | 12:30 pm
