A decision was reached by an arbitration panel on Monday, with a 2-1 ruling in favor of Alex Rodriguez and Marc Lore in their pursuit of a controlling ownership stake in the NBA’s Minnesota Timberwolves and the WNBA’s Minnesota Lynx. The next step in the process involves the NBA Board of Governors granting approval to Rodriguez and Lore before the deal is officially formalized. Reacting to the ruling, current owner and chairman Glen Taylor expressed his disappointment through a statement issued on Monday evening.
The sale of the teams had initially been approved by NBA owners in 2021, marking an early stage in what has evolved into a nearly five-year saga. Rodriguez, the renowned MLB star, and his business partner Lore had entered into an agreement to purchase the teams for $1.5 billion back in 2021. Originally acquiring a 20 percent stake, the duo had secured three future options to increase their stake to a majority ownership level before Taylor unexpectedly withdrew the teams from the market.
Taylor alleged that Rodriguez and Lore had failed to make a payment, prompting a response from the pair asserting that Taylor was experiencing “seller’s remorse” due to the escalating valuation of the Timberwolves and Lynx as estimated by Forbes at $3.1 billion in the previous fall. The dispute was brought before an arbitration panel earlier this year, which has now ruled in favor of Rodriguez and Lore, deeming Taylor contractually obligated to sell the agreed-upon stakes to them at the initial valuation of $1.5 billion. According to Sportico, Rodriguez and Lore still owe approximately $942 million.
In his statement, Taylor conveyed that the decision will be thoroughly reviewed before any further comments are made, expressing gratitude towards the players, staff, and loyal fans of the Timberwolves and Lynx for their unwavering support. In response to the ruling, Rodriguez and Lore issued a statement to ESPN expressing their extreme satisfaction with the decision and their anticipation of collaborating with the NBA to complete the approval process. Their ultimate goal is to finalize the transaction and shift their focus towards achieving championship success in Minnesota for their devoted fans and the community of the Twin Cities.
