After a contentious dispute over a final payment, Alex Rodriguez and Marc Lore have been awarded victory by arbitrators, paving the way for them to become the new majority owners of the Minnesota Timberwolves and Lynx.
The Minnesota Timberwolves are poised for new ownership after an arbitration ruling sided with Alex Rodriguez (ARod) and Marc Lore in a dispute over a final payment. Rodriguez and Lore agreed to purchase the Timberwolves and Lynx from Glen Taylor in 2021 for $1.5 billion, a process structured in three transactions. This agreement would have granted Lore and Rodriguez 60 percent ownership, leaving Taylor with 20 percent.
However, disagreements arose in March 2024 when Taylor claimed that the deadline for a final payment of approximately $600 million had been missed, effectively terminating the sale. The dispute centered around whether Lore and Rodriguez had fulfilled their obligation to make the final payment by March 27, 2024, as stipulated in the original agreement. Taylor asserted that the deadline had passed and that no justifiable extension had been granted, while Rodriguez and Lore maintained that they had submitted signed documents to the NBA on March 20, requiring approval from the league's Board of Governors, which caused the delay.After legal arguments were presented before a three-member arbitration panel in Minneapolis in November 2023, Rodriguez and Lore were declared the winners. The ruling grants them a 90-day window to finalize the payment and assume control of the franchise. The ownership change still requires final approval from the NBA Board of Governors before Rodriguez and Lore officially become majority owners
NBA Timberwolves Alex Rodriguez Marc Lore Glen Taylor Ownership Arbitration
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