Arbitrators have ruled Marc Lore and Alex Rodriguez over Glen Taylor as the next majority ownership group of the Minnesota Timberwolves. The NBA’s board of governors now must approve the Lore and Rodriguez ownership group. No timeline for a vote has yet been set.
Taylor had claimed that Lore and Rodriguez didn’t meet their payment deadlines to purchase the Wolves. Lore and Rodriguez agreed to purchase the team at a valuation of $1.5 billion.
In documents since submitted to the NBA league office, Lore and Rodriguez have shown they have raised an additional $950 million and placed it in an escrow account and are ready to finish the purchase and operate the teams.
“We are extremely pleased with today’s 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.”
In his statement, Taylor did not make it clear whether he would continue to fight a sale.
“[Wife] Becky and I were disappointed by this 2-1 decision by the panel,” Taylor said. “We will review this decision thoroughly prior to making any further comment.”