A three-person arbitration panel ruled in favor of Marc Lore and Alex Rodriguez, paving the way for the completion of their $1.5 billion purchase of the Minnesota Timberwolves. The sale is subject to approval by the NBA's board of governors.
The sale of the Minnesota Timberwolves to a group led by Marc Lore and Alex Rodriguez is moving forward as planned after a three-person arbitration panel ruled 2-1 that controlling owner Glen Taylor must cede control of the club. The binding ruling, issued Monday, granted Lore and Rodriguez, a 90-day extension to finalize the $1.5 billion acquisition. The sale, however, is still subject to approval by the NBA 's board of governors, requiring at least 23 of the 30 team owners to vote in favor.
Lore, an e-commerce entrepreneur and investor, and Rodriguez, the former Major League Baseball star, expressed their anticipation in a statement, saying, '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.' Meanwhile, Taylor, who acquired the Timberwolves for $88 million in 1994, and his wife, Becky, released a statement expressing disappointment in the ruling and pledged to thoroughly review the decision before making further comments. They extended their gratitude to Timberwolves and Lynx players, staff, and loyal fans for their unwavering support. The news broke during Timberwolves coach Chris Finch's pregame press conference in Cleveland
NBA Minnesota Timberwolves Marc Lore Alex Rodriguez Glen Taylor Sale
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