The Timberwolves are set to have new owners — for real, this time.
A three-person arbitration panel ruled in favor of Marc Lore and former Yankees star Alex Rodriguez allowing the sale process to move forward with the next hurdle now being approval by the NBA’s Board of Governors.
Monday’s ruling ends a tumultuous battle between Glen Taylor and Lore and Rodriguez after the former attempted to halt the sale proceedings – agreed upon in 2021 – claiming the latter had missed payment deadlines.
“We are extremely pleased with today’s decision. 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,” Lore and Rodriguez said in a statement released short after the ruling was handed down.
The ownership debacle in Minnesota began back in 2021 when Taylor, 83, agreed to sell the team to the Lore and Rodriguez group with a multi-year payment plan put in place that would have been finished by the end of 2023.
The deal included an option to extend the purchase window 90 days.
“(My wife) Becky and I were disappointed by this 2-1 decision from the panel,” said Taylor, Chairman of Taylor Sports Group, Inc., the general partner of the Timberwolves and Lynx. “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 pulled the rug out from under the sale in March 2024, claiming that the duo had missed deadlines in the purchase agreement, which they denied.
The two sides went to mediation before moving to arbitration — centered around whether Taylor had been within his right to back out of the sale due to a breach in the agreement — with the opposing parties making their cases back in November.
As part of the statement, the pair said the panel’s ruling “endorsed Lore and Rodriguez’ interpretation of the purchase agreement and confirmed that the contractually agreed timeline for Lore and Rodriguez to obtain NBA approval and complete their acquisition of the teams has not expired.”
Coincidentally, the timing of Taylor to back out of the sale came amid the Timberwolves’ best season in roughly 20 years as Minnesota won 56 games during the regular season and reached the Western Conference Finals.
In June 2024, it was revealed that former New York City mayor Michael Bloomberg had joined the investor group headed by Lore and Rodriguez that was trying to gain a majority stake in the T-Wolves.
Bloomberg will end up with a 10 percent stake in the team, a source told The Post back in June.
Once the pair take over controlling interest of the T-Wolves, Lore will serve as the team governor and work with A-Rod on making decisions related to the organization.
The structure would be in line with the preference of the NBA, which wants one individual to be viewed as the controlling person of the team.
The sale also includes the WNBA’s Lynx.
This story originally appeared on NY Post
