Alex Rodriguez, Marc Lore get win toward becoming majority NBA owners
Arbitrators have ruled in favor of Marc Lore and former MLB star Alex Rodriguez becoming the majority owners of the Minnesota Timberwolves, a major win for the group that has been attempting to purchase the team for several years.
With the ruling, the NBA’s board of governors will now vote on Lore and Rodriguez becoming the majority owners over current owner Glen Taylor.
‘We are extremely pleased with today’s decision’ Lore and Rodriguez said in a statement to ESPN. ‘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.’
Taylor said in a statement that he and his wife Becky were disappointed by the ruling, which was a 2-1 decision.
‘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 said.
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The process of Lore and Rodriguez becoming majority owners started in 2021 when Taylor agreed to sell the Timberwolves and the WNBA’s Minnesota Lynx to Rodriguez and Lore. Rodriguez and Lore planned to buy a majority of the team in three payment installments of 20%, 20% and another 40%.
However in March, Taylor called off the sale of the final 40% payment, citing the closing of the deal was to be done within 90 days following the exercise notice from Lore and Rodriguez. As a result, Rodriguez and Lore own 40% while Taylor and other limited partners own the remaining 60% of the franchise.
‘That 90-day period expired on March 27, 2024. Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur,’ Taylor said in a statement. ‘The Timberwolves and Lynx are no longer for sale.’
Rodriguez and Lore missed financial and documentation deadlines repeatedly throughout the process, a person familiar with the deal told USA TODAY Sports. The person requested anonymity because they were not authorized to speak publicly about the situation. Rodriguez and Lore said that is not the case, claiming Taylor had seller’s remorse.
With the victory in arbitration, Rodriguez and Lore now need approval from NBA owners to purchase the other 40%. They will need 75% of owners to approve the sale of the team.
Since starting the process of the sale, Lore and Rodriguez have frequently been at the Target Center supporting the Timberwolves. Minnesota is coming off one of its most successful season in decades, reaching the 2024 Western Conference Finals for the first time in 20 years. This season, the Timberwolves are 30-23 and are in sixth in the Western Conference.
