Marc Lore, Alex Rodriguez win arbitration, on path to become Timberwolves’ majority owners

Marc Lore and Alex Rodriguez are back on track to be the majority owners of the Minnesota Timberwolves and Lynx after a three-person arbitration panel ruled in their favor Monday that Glen Taylor was not within his rights to terminate the purchase agreement last spring.

Rodriguez and Lore announced the result in a statement, in which they said 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.

ADVERTISEMENT In a statement, Taylor revealed it was a 2-1 decision in favor of Lore and Rodriguez.

Lore and Rodriguez originally reached a purchase agreement with Taylor to purchase the Timberwolves and Lynx in a payment structure in which the two would buy 20% chunks of the team on an annual basis.

It was framed at the time as an opportunity for Taylor to work with Lore and Rodriguez during the transition.

The sides worked together on major decisions involving the organization from there, like when Lore and Rodriguez pursued Tim Connelly to head the Timberwolves basketball operations, and Taylor ultimately signed off on the hire.

So it was a stunner to the basketball world when Taylor announced last March that the purchase was off, citing missed deadlines from his supposed successors.

Lore and Rodriguez never felt as though they breached the contract, and took the legal action laid out in the initial purchase agreement.

First, the two parties went to mediation.

When they were unsuccessful, they went to arbitration.

Both sides laid out their arguments in November, and the decision was finally levied on Monday.

Becky and I were disappointed by this 2-1 decision from the panel, Taylor said in a statement.

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.

Lore and Rodriguez are now on track to complete the purchase, but still have another hurdle to clear.

They must go through the final approval process, which includes a vote from the NBAs Board of Governors.

But they again are in position to claim a controlling stake in the organization after a contention-filled 11 months.

We are extremely pleased with todays 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.

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