Timberwolves Ownership Saga to be Settled in November Arbitration Hearing
The ongoing ownership dispute within the Minnesota Timberwolves will extend into the upcoming NBA season. An arbitration hearing set for early November will determine the outcome of the conflict between minority owners Marc Lore and Alex Rodriguez and principal owner Glen Taylor, as reported by Nick Williams of the Minneapolis Star Tribune.
The disagreement began late last season when Taylor canceled the previous tiered payment agreement with Lore and Rodriguez, citing a breach of contract. Lore and Rodriguez countered, asserting they had the necessary funds to become majority owners but were waiting for NBA approval and believed they deserved an extension.
The contested third payment would elevate Lore and Rodriguez’s ownership share from 36% to about 80%, according to the purchase agreement, which also allows them to buy out Taylor’s remaining 20% stake at any time before March 2025.
The arbitration hearing is expected to last about one week, with a ruling from the three-member arbitration panel anticipated within 30 days, Williams adds. A mediation hearing on May 1 failed to resolve the issue, automatically advancing the case to arbitration.
If the arbitration panel rules in Taylor’s favor, he will retain majority ownership. Alternatively, the panel could grant Lore and Rodriguez a 90-day extension, requiring Taylor to sell them the team or pay monetary damages.
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