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The sale of the Minnesota Timberwolves and Lynx to Marc Lore and Alex Rodriguez is back on track after a three-member arbitration panel ruled in their favor on Monday.
However, that sale has one final, major hurdle to clear — the approval of the other NBA owners.
The process of this sale started four years ago with Lore and Rodriguez essentially buying the team in installments from current owner Glen Taylor, a unique sale process that was agreed to in advance by both parties (as was the $1.5 billion price tag, the value of the franchise has risen considerably since that agreement). At dispute was the final payment of that sale, which Taylor voided, saying it came after the prescribed deadline. However, Lore and Rodriguez argued that they did turn in the paperwork on time, and the sale agreement allowed for an extension of 90 days to finalize the deal if their financing was in place before the deadline — and it was despite changing financing partners. Lore and Rodriguez argued Taylor simply had seller’s remorse. The arbitration panel agreed with Lore and Rodriguez, who released this statement.
Marc Lore and Alex Rodriguez today announced that the arbitration in the Minnesota Timberwolves and Lynx ownership dispute was decided in favor of Lore and Rodriguez. The decision 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.
Marc Lore and Alex Rodriguez commented, “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.
Marc & Alex
Current owner Glen Taylor released this statement:
Minnesota Timberwolves Basketball Limited Partnership (“Timberwolves and Lynx”) today announced that the arbitral panel issued its decision finding that the option for Marc Lore and Alex Rodriguez to acquire control of the Timberwolves and Lynx…
[ad_2]Source link : https://sports.yahoo.com/timberwolves-lynx-sale-alex-rodriguez-154601981.html
Author : NBC Sports
Publish date : 2025-02-11 15:46:00
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