After months of legal wrangling, Alex Rodriguez and Marc Lore are set to become majority owners of the Timberwolves and Lynx.
A three-member arbitration panel ruled longtime owner Glen Taylor did not have the right last year to cancel a pending sale of 40% of his ownership stake to Lore and Rodriguez. In a statement released through the Timberwolves and Lynx, Taylor said the vote was 2-1 in favor of Lore and Rodriguez.
The ruling makes way for the sale to be approved by the NBA Board of Governors. Lore and Rodriguez would then take over the franchises.
“We are extremely pleased with today’s decision,” Lore and Rodriguez said in a statement. “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.”
The arbitration panel was tasked with determining whether Taylor had breached the contract of his sale to Lore and Rodriguez based on the language from the equity interest purchase agreement the two sides signed in May 2021.
The rules of the arbitration stipulated that the three members of the panel, Tom Fraser, Kathleen Blatz and Joseph R. Slights, were not allowed to comment on the decision.
Messages left with Taylor and with William Savitt, the lawyer representing Lore and Rodriguez, were not returned.
In a statement, Taylor, who also owns the Minnesota Star Tribune, said he and his wife, Becky, were disappointed by the ruling. “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.”