Glen Taylor to cede Wolves, Lynx ownership to Alex Rodriguez and Marc Lore after drawn-out dispute
Glen Taylor is ceding control of the Minnesota Timberwolves and Lynx to partners Marc Lore and Alex Rodriguez.
Last month, an arbitration panel ruled that Taylor must transfer control of the NBA club in the disputed final phase of the $1.5 billion sale that was uniquely arranged three years ago to give Lore and Rodriguez the majority stake.
Taylor will not be fighting the decision and told WCCO's Mike Max last week that he'll be moving forward with the sale. The Athletic's Jon Krawczynski reports that an agreement is in place to transfer ownership, and now it goes to the NBA league for approval, which is expected.
Taylor announced the deal to sell the Wolves and Lynx to e-commerce billionaire Lore and baseball legend Rodriguez in 2021. The sale was planned to take place across several payments. It was upended last year when Taylor alleged Lore and Rodriguez missed a payment deadline and announced the teams were no longer for sale.
The minority owners disputed Taylor's account and the two sides went to mediation and, eventually, arbitration. Taylor said he was "disappointed" but the panel's decision and would review it "thoroughly prior to making any further comment."
Taylor's reneging came during the Wolves' best season in 20 years, in which they made it to the Western Conference finals. The Lynx, meanwhile, made a surprise run to the WNBA Finals last season, though they fell short.
Taylor, a lifelong Minnesotan, purchased the team in 1994 for $88 million, doing so at the time in part to keep the franchise from relocating to New Orleans or elsewhere.