MINNEAPOLIS (AP) — The ownership transfer of the Minnesota Timberwolves must continue as originally planned, after an arbitration panel ruled Monday that controlling owner Glen Taylor must cede control of the NBA club to partners Marc Lore and Alex Rodriguez in the disputed final phase of the $1.5 billion sale that was uniquely arranged three years ago to give Lore and Rodriguez the majority stake.
Lore and Rodriguez, the former Major League Baseball star, released a joint statement announcing that their timeline for obtaining league approval and completing the acquisition has not expired, as Taylor contended when he halted the sale nearly a year ago.
The transaction is subject to approval by the league's board of governors, with at least 23 of 30 team owners needing to vote yes. Taylor, who grew up on a Minnesota dairy farm and built a fortune on a business that specialized in printing wedding invitations, bought the Timberwolves for $88 million in 1994 to prevent the franchise moving from New Orleans.
Taylor announced last March 28 that he was exercising his right to pull out of the deal because Lore and Rodriguez did not send the final payment within the 90-day deadline of initiating the purchase of their third portion of the club to reach about an 80% stake — including about 30% funded by their investors — and become the controlling owners of the Timberwolves and the WNBA’s Minnesota Lynx. Taylor also said they missed other deadlines guiding the transfer process.
Lore and Rodriguez were blindsided by the decision and defended their integrity, accusing Taylor of having seller’s remorse amid a steady rise in the value of NBA franchises and a successful 2023-24 season for the long-languishing Timberwolves. They blamed the delay in delivery of the final 40% of the payment on the slow pace of the league’s approval process and said they submitted paperwork to the league last March 21, six days ahead of a deadline.
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