An arbitration panel ruled Monday that the ownership transfer of the Minnesota Timberwolves from Glen Taylor to Marc Lore and Alex Rodriguez must continue.
The final phase of the $1.5 billion sale was under dispute after being originally arranged three years ago.
Now, the NBA’s Board of Governors will still need to approve the change. At least 23 of the 30 team governors will have to vote in favor of Lore and Rodriguez having Wolves ownership.
T-Wolves Sale Timeline
Back in 2021, Taylor was the one who announced a deal to sell both the Wolves and Minnesota Lynx (WNBA franchise) to e-commerce billionaire Lore and former baseball superstar Rodriguez.
As the series of necessary transactions unfolded, Taylor alleged that Lore and Rodriguez missed a payment deadline last year. He changed his mind on selling the teams.
Shocked by that move by Taylor, Lore and Rodriguez accused the incumbent of having seller’s remorse due to the steady rise of NBA franchise values. They believed the recent success of the Wolves was also a factor. The Lynx reached the WNBA Finals last year.
While acknowledging a delay in paying the final 40 percent that was due, they blamed the league’s slow approval process. Lore and Rodriguez were also adamant their paperwork was submitted six days ahead of the deadline.
Taylor put out a statement regarding the Wolves ownership situation, through the team and the Taylor Sports Group.
“Becky and I were disappointed by this 2-1 decision from the panel. 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.”
Wolves Starting To Find Rhythm On Court
After a slow start to the season, Minnesota has looked to have found some rhythm.
Sitting at 22-21 just three weeks ago, the team has rattled off eight wins in its last 10 games. Anthony Edwards has caught fire while Jaden McDaniels has shown significant strides offensively.
Edwards scored 49 points against the Chicago Bulls last Wednesday.
The sluggish start to the season likely had to do with acclimating to the departure of Karl-Anthony Towns in favor of Julius Randle and Donte DiVincenzo.
Ironically, both Rande and DiVincenzo are out with injuries right now. Both are expected to be out through the All-Star break.
Minnesota is in Cleveland to play the Cavaliers on Monday night.
