Timberwolves sale to Marc Lore and Alex Rodriguez back on track after arbitration ruling

Ownership Transfer of Timberwolves Resumes

MINNEAPOLIS (AP) — The ownership transfer of the Minnesota Timberwolves is set to continue as planned, following a ruling by a three-person arbitration panel. The panel voted 2-1 in favor of Marc Lore and Alex Rodriguez, requiring current owner Glen Taylor to relinquish control of the NBA team to Lore and Rodriguez. The $1.5 billion sale, initiated four years ago, grants Lore and Rodriguez the majority stake in the Timberwolves.

The arbitration ruling, issued on Monday, allows Lore and Rodriguez a 90-day extension to finalize the acquisition. The sale is contingent upon approval by the NBA’s board of governors, with a minimum of 23 out of 30 team owners needing to approve the transaction.

Lore and Rodriguez expressed their excitement in a statement, stating, “We look forward to working with the NBA to complete the approval process and close this transaction so that we can turn our attention to winning championships in Minnesota for our incredible fans and the Twin Cities community.”

Disappointment from Current Owner

The current owner, 83-year-old Glen Taylor, who purchased the Timberwolves in 1994, expressed his disappointment in the ruling. Taylor and his wife, Becky, issued a statement thanking the players, staff, and fans for their support and mentioned their intention to review the decision thoroughly before further comment.

The sale faced a setback last March when Taylor announced his decision to pull out of the deal due to missed deadlines by Lore and Rodriguez in completing the acquisition. Lore and Rodriguez disputed Taylor’s claims, attributing the delay to the league’s approval process and stating their financial capability to finalize the purchase.

Resolving the Dispute

The arbitration panel, consisting of representatives from each party and a neutral arbitrator, convened to address the dispute. The panel’s ruling mandated the continuation of the ownership transfer, allowing Lore and Rodriguez to proceed with the acquisition.

Forbes valued the Timberwolves at $3.1 billion in its latest projections, underscoring the potential value of the franchise. Lore and Rodriguez, along with their investment team, are poised to complete the purchase and lead the Timberwolves into a new era.

Key Takeaways:

• The ownership transfer of the Minnesota Timberwolves is back on track following an arbitration ruling.
• Lore and Rodriguez are set to acquire the majority stake in the Timberwolves, pending NBA approval.
• Glen Taylor, the current owner, expressed disappointment in the ruling but acknowledged the decision.
• The value of the Timberwolves franchise has surged, reflecting the potential for growth under new ownership.

Frequently Asked Questions (FAQs)

1. What was the outcome of the arbitration ruling regarding the Timberwolves sale?

The arbitration panel ruled in favor of Marc Lore and Alex Rodriguez, requiring current owner Glen Taylor to cede control of the NBA team to Lore and Rodriguez.

2. What are the next steps for Lore and Rodriguez in finalizing the acquisition?

Lore and Rodriguez have been granted a 90-day extension to complete the acquisition, pending approval by the NBA’s board of governors.

3. How did Glen Taylor respond to the arbitration ruling?

Glen Taylor expressed disappointment in the ruling but acknowledged the decision, stating his intention to review it thoroughly before further comment.

4. What is the current valuation of the Timberwolves franchise?

Forbes valued the Timberwolves at $3.1 billion in its latest projections, highlighting the significant growth potential of the franchise.

5. What role did the arbitration panel play in resolving the dispute between the parties?

The arbitration panel, consisting of representatives from each party and a neutral arbitrator, played a crucial role in mandating the continuation of the ownership transfer, allowing Lore and Rodriguez to proceed with the acquisition.