An arbitration ruling over a dispute stemming from a final payment has sided with Alex Rodriguez (ARod) and Marc Lore to become the new owners of the Minnesota Timberwolves.
The Minnesota Timberwolves will likely have new owners after an arbitration ruling over a dispute stemming from a final payment has sided with Alex Rodriguez and Marc Lore.Rodriguez and Lore agreed to purchase the Timberwolves and Lynx from Taylor in 2021 for $1.5 billion, a process that would happen in steps through three transactions, and result in Lore and Rodriguez claiming 60 percent ownership, and leaving Taylor with a remaining 20%.
Under the terms of the purchase agreement, closing of the transaction was to take place the previous day, but didn’t. Circumstances could’ve been granted for a limited extension, but criteria for that were not met, Taylor said.Rodriguez and Lore contend they had submitted signed documents on March 20 to the NBA that needed approval from the league’s Board of Governors to go through, which caused the delay in the process.
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