In the dispute between Glen Taylor and the group led by Marc Lore and Alex Rodriguez concerning the sale of the Minnesota Timberwolves, a three-member arbitration panel has ruled in favor of Rodriguez and Lore. Here’s the statement from Lore and Rodriguez, via the Star Tribune’s Chris Hine:
Marc Lore and Alex Rodriguez today announced that the arbitration in the Minnesota Timberwolves and Lynx ownership dispute was decided in favor of Lore and Rodriguez. The decision endorsed Lore and Rodriguez’ interpretation of the purchase agreement and confirmed that the contractually agreed timeline for Lore and Rodriguez to obtain NBA approval and complete their acquisition of the teams has not expired.
Marc Lore and Alex Rodriguez commented, “We are extremely pleased with today’s decision. 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.
Marc & Alex
And here’s the statement from the other side:
Minnesota Timberwolves Basketball Limited Partnership (“Timberwolves and Lynx”) today announced that the arbitral panel issued its decision finding that the option for Marc Lore and Alex Rodriguez to acquire control of the Timberwolves and Lynx should be extended for an additional 90 days and that Messrs. Lore and Rodriguez may continue to pursue their application for NBA approval.
“Becky and I were disappointed by this 2-1 decision from the panel,” said Glen Taylor, Chairman of Taylor Sports Group, Inc., the general partner of the Timberwolves and Lynx. “We will review the decision thoroughly prior to making any further comment. We would like to express our sincere appreciation to Timberwolves and Lynx players, staff, and loyal fans for their support.”
Both sides signed a purchase agreement in May 2021, at which point Lore and Rodriguez bought a 20% ownership stake. The agreement called for Lore and Rodriguez to buy a majority stake in installments — they would purchase another 20% in December 2022 and another 40% in December 2023. The acquisition was supposed to close in late March 2024, but Taylor issued a statement at that time stating that the sale was off, as Lore and Rodriguez had failed to meet deadlines outlined in the initial agreement. Lore and Rodriguez disputed this, and the matter went to arbitration.
This does not mean that Lore and Rodriguez are immediately and officially the majority owners of the Wolves, as the sale has not yet been approved by the board of governors. But this ruling sets the stage for that to happen.
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