Timberwolves sale to Alex Rodriguez and Marc Lore moves forward after arbitration ruling
Pranjal Chandra | THE TIMES OF INDIA NEWS SERVICE | Feb 11, 2025, 14:42 IST
( Image credit : AP )
An arbitration panel ruled that Glen Taylor must proceed with the sale of the Minnesota Timberwolves to Alex Rodriguez and Marc Lore as per the initial agreement. The NBA’s board of governors must approve the deal, which had been delayed due to contested payment deadlines.
The long-disputed ownership transition of the Minnesota Timberwolves is back on track after an arbitration panel ruled in favor of Alex Rodriguez and Marc Lore. The decision mandates that controlling owner Glen Taylor must proceed with the originally agreed-upon transfer, allowing Lore and Rodriguez to finalize their acquisition of a majority stake in the NBA franchise.
The sale, valued at $1.5 billion, has been in the works since 2021. It was structured in phases, giving Lore and Rodriguez a gradual path to ownership. However, Taylor halted the process last year, arguing that the duo failed to meet the required payment deadlines. Despite the delay, the arbitration ruling has now confirmed that Lore and Rodriguez are still within their rights to complete the deal, provided they secure league approval.
NBA board of governors approval pending
Before the sale is fully finalized, the deal must be approved by the NBA’s board of governors. A minimum of 23 out of the 30 team owners must vote in favor of the transaction for it to be completed. While approval is typically a formality in most ownership transfers, the controversy surrounding this deal could add some complexity to the process.
Rodriguez, the former Major League Baseball star, and Lore, a prominent entrepreneur, expressed their satisfaction with the ruling. In a joint statement, they reiterated that they had adhered to the terms of the agreement and remained committed to taking over the Timberwolves and the WNBA’s Minnesota Lynx. They also noted that their timeline for securing league approval and finalizing the purchase had not lapsed, directly contradicting Taylor’s claims.
A deal years in the making
Glen Taylor, who has owned the Timberwolves since 1994, originally purchased the team for $88 million to prevent a potential relocation. Over the years, Taylor’s leadership has seen the franchise struggle, with only sporadic periods of success. However, the team has shown significant improvement in recent seasons, contributing to the rising value of NBA franchises and potentially influencing Taylor’s reluctance to sell.
In March 2023, Taylor announced that he was backing out of the deal, citing missed deadlines. According to him, Lore and Rodriguez did not submit their final payment within the required 90-day window to secure an 80% stake. Additionally, he claimed they had failed to meet other contractual obligations throughout the phased transition process.
Lore and Rodriguez were taken by surprise by Taylor’s decision, denying any wrongdoing. They argued that the delay in finalizing the payment stemmed from the slow pace of the NBA’s approval process rather than their own inaction. According to them, they submitted the required paperwork on March 21, six days before the deadline, refuting Taylor’s assertion that they had missed the cutoff.
Looking ahead
With the arbitration ruling in their favor, Lore and Rodriguez are now focused on obtaining league approval to complete the purchase. If they succeed, they will take full control of the Timberwolves and the Lynx, marking a new chapter for both franchises. As the process moves forward, all eyes will be on the NBA’s board of governors, whose decision will determine the final outcome of this prolonged ownership saga.
The sale, valued at $1.5 billion, has been in the works since 2021. It was structured in phases, giving Lore and Rodriguez a gradual path to ownership. However, Taylor halted the process last year, arguing that the duo failed to meet the required payment deadlines. Despite the delay, the arbitration ruling has now confirmed that Lore and Rodriguez are still within their rights to complete the deal, provided they secure league approval.
NBA board of governors approval pending
Before the sale is fully finalized, the deal must be approved by the NBA’s board of governors. A minimum of 23 out of the 30 team owners must vote in favor of the transaction for it to be completed. While approval is typically a formality in most ownership transfers, the controversy surrounding this deal could add some complexity to the process.
Rodriguez, the former Major League Baseball star, and Lore, a prominent entrepreneur, expressed their satisfaction with the ruling. In a joint statement, they reiterated that they had adhered to the terms of the agreement and remained committed to taking over the Timberwolves and the WNBA’s Minnesota Lynx. They also noted that their timeline for securing league approval and finalizing the purchase had not lapsed, directly contradicting Taylor’s claims.
A deal years in the making
Glen Taylor, who has owned the Timberwolves since 1994, originally purchased the team for $88 million to prevent a potential relocation. Over the years, Taylor’s leadership has seen the franchise struggle, with only sporadic periods of success. However, the team has shown significant improvement in recent seasons, contributing to the rising value of NBA franchises and potentially influencing Taylor’s reluctance to sell.
In March 2023, Taylor announced that he was backing out of the deal, citing missed deadlines. According to him, Lore and Rodriguez did not submit their final payment within the required 90-day window to secure an 80% stake. Additionally, he claimed they had failed to meet other contractual obligations throughout the phased transition process.
Lore and Rodriguez were taken by surprise by Taylor’s decision, denying any wrongdoing. They argued that the delay in finalizing the payment stemmed from the slow pace of the NBA’s approval process rather than their own inaction. According to them, they submitted the required paperwork on March 21, six days before the deadline, refuting Taylor’s assertion that they had missed the cutoff.
Looking ahead
With the arbitration ruling in their favor, Lore and Rodriguez are now focused on obtaining league approval to complete the purchase. If they succeed, they will take full control of the Timberwolves and the Lynx, marking a new chapter for both franchises. As the process moves forward, all eyes will be on the NBA’s board of governors, whose decision will determine the final outcome of this prolonged ownership saga.