Lore, Rodriguez can proceed to purchase Timberwolves, Lynx, arbitration panel rules

(KSTP) — Months after arbitration began regarding the future of Timberwolves and Lynx ownership, a decision has finally been reached.

Glen Taylor will relinquish ownership of the teams after former Walmart CEO Marc Lore and former MLB player Alex Rodriguez attempted to get a majority ownership stake. Rodriguez confirmed the decision to 5 EYEWITNESS NEWS.

The sale of the team to Lore and Rodriguez will require approval from owners of 23 of the other 29 NBA teams.

“We are extremely pleased with today’s decision,” Lore and Rodriguez said in a joint 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.”

As reported by 5 EYEWITNESS NEWS, the two sides entered arbitration in early November after a conclusion wasn’t reached in May during mediation. Taylor had previously hand-picked them as his successors.

However, Taylor told KSTP Sports last spring that the sale of the Timberwolves and Lynx to Lore and Rodriguez was off, saying the two failed to meet their deadline for the final payment to obtain a controlling stake in the organizations. Despite part of the ownership transfer agreement was completed, Lore and Rodriguez still held a minority ownership.

A day later, KSTP Sports spoke with Lore and Rodriguez, who said they had been “locked out of the building” with no access to the Target Center owner’s suite or family room. They have also been barred from contact with president of basketball operations Tim Connelly or the Timberwolves coaching staff.

Lore and Rodriguez believed the contract they initially agreed to with Taylor would be enforced in court and they would ultimately still be granted majority ownership of the franchise. They also accused Taylor of “seller’s remorse” after the team’s valuation increased during the lengthy, multi-step process of completing the sale.

Monday’s arbitration decision sided with Lore and Rodriguez’s interpretation of the contract, concluding that the timeline for the pair to gain NBA approval and complete the purchase of the teams had not expired.