Arbitrators rule Glen Taylor must cede control of Timberwolves to Marc Lore, Alex Rodriguez
MINNEAPOLIS — The ownership transfer of the Minnesota Timberwolves must continue as originally planned after an arbitration panel ruled Monday that controlling owner Glen Taylor must cede control of the NBA club to partners Marc Lore and Alex Rodriguez 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, according to the Associated Press.
The NBA's Board of Governors still needs to approve the change, with at least 23 of 30 team owners needing to vote yes.
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.
"Becky and I were disappointed by this 2-1 decision from the panel," Taylor said in a statement about the ruling Monday evening. "We will review the decision thoroughly prior to making any further comment. We would like to express our sincere appreciation to Timberwolves and Lynx players, staff, and loyal fans for their support."
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.
