Timberwolves ownership transition headed to mediation May 1
Alex Rodriguez and Marc Lore were introduced as the new owners of the Minnesota Timberwolves and Lynx on Monday at media day.
MINNEAPOLIS (FOX 9) - We may start to get resolution with the Minnesota Timberwolves ownership transition, if there is one, as early as May 1.
According to ESPN’s Adrian Wojnarowski, the dispute between current owner Glen Taylor and prospective owners Alex Rodriguez and Marc Lore is set to go to a mediation session May 1 in Minneapolis. That’s while the Timberwolves have a 1-0 lead over the Phoenix Suns in the Western Conference Playoffs. All three were at Saturday’s Game 1 win, Lore sat just a few seats down from Taylor courtside.
Taylor went back on a contractual agreement in late March after saying Rodrigues and Lore failed to meet a March 27 deadline for a payment that, once approved, would make them majority owners of the Timberwolves. Rodriguez and Lore said they submitted financial documents to the NBA’s Board of Governors on March 20, triggering a 90-day window for the approval process. Taylor said the Timberwolves were no longer for sale, and told FOX 9 Sports Director Jim Rich last week he would continue to be owner, and there are plans in place for his family to keep the ownership after he dies. Taylor turned 83 last Saturday.
In 2021, the two sides agreed to a three-year plan to transition ownership over a series of transactions that would total $1.5 billion. Rodriguez and Lore made two payments to buy 36 percent of the team over the last two years. The last payment, a reported $600 million, would buy another 40 percent to give them majority control.
Taylor said they failed to make deadlines and meet the obligations of the contract. He’s also concerned that their budget projection included cutting the team’s payroll to $171 million starting in the 2024-25 season. The luxury tax threshold is $172 million, and Taylor told FOX 9 last week he will go over that to keep the current core of the roster together.
Stay tuned as this story continues to develop. Mediation is the first step in the process to get to a resolution, and it could take several months.