Glen Taylor, the controlling owner of the Minnesota Timberwolves and Minnesota Lynx, along with minority owners Marc Lore and Alex Rodriguez, will begin their arbitration hearing this week.
The ongoing legal battle centers around the ownership of the Timberwolves franchise, with both sides contesting who should hold controlling ownership.
A final decision from the arbitrators is expected by December, though the ruling will have significant implications for the future of the team.
While the arbitration outcome will be binding, it does not automatically grant Lore and Rodriguez full control.
If the decision favors them, they would still need approval from 23 of the other NBA team owners to finalize their purchase and take control of the franchise.
However, if the arbitration rules in favor of Taylor, he would have the right to terminate the process and retain control of the team.
Lore and Rodriguez initially purchased a stake in the Timberwolves in 2021, with the team valued at $1.5 billion at the time. Since then, the franchise’s value has surged, with the current valuation now estimated at approximately $3 billion.
The original purchase agreement outlined a three-stage process, requested by Taylor.
The first two stages occurred in 2022 and 2023, when Lore and Rodriguez acquired a combined 36% stake in the team for around $600 million.
The agreement stipulated that the remaining stake, which would bring their ownership up to around 80%, would be purchased by the end of March.
However, Taylor argues that Lore and Rodriguez missed the agreed-upon deadline for the final payment.
In contrast, Lore and Rodriguez have maintained that they had the funds ready to complete the transaction but were delayed due to the NBA’s approval process.
They assert that these delays entitle them to an extension, a key point of contention in the ongoing arbitration.
Lore-Rodriguez Will Need NBA Board Of Governor Approval To Control Wolves Even If They Win Arbitration https://t.co/nqZyu37aBd
— RealGM (@RealGM) November 4, 2024
