Wolves ownership dispute mediation set for May 1st

The ongoing ownership dispute involving the Minnesota Timberwolves is set to enter an initial mediation session on May 1st. This comes after Glen Taylor, the current owner, canceled a deal to sell a majority stake in the team to a group led by Marc Lore and Alex Rodriguez.

Taylor asserted that Lore and Rodriguez’s group failed to meet contractual deadlines, prompting the cancellation of the sale. However, Lore and Rodriguez are disputing Taylor’s decision as they strive to finalize their purchase of the Timberwolves.

The deal between Lore, Rodriguez, and Taylor was initially agreed upon in 2021, valuing the team at $1.5 billion. As per the terms of the agreement, Lore and Rodriguez were to acquire 20 percent of the team in July 2021, followed by an additional 20 percent in 2022, and the remaining 40 percent in 2023.