Minnesota Timberwolves Ownership Dispute Moves to Mediation as Deadlines Missed

The ownership dispute over the Minnesota Timberwolves is moving into mediation, with the first session scheduled for May 1, 2024. The dispute is between current owner Glen Taylor and prospective owners Marc Lore and Alex Rodriguez. "The details of the mediation process were not being publicized, but the information was reported by ESPN," according to sources familiar with the situation.

Taylor announced in March that he was exercising his right to pull out of the deal because Lore and Rodriguez did not meet the deadline for the final $600 million payment that would have transferred an additional 40% stake in the team. Lore and Rodriguez disagreed, saying they were waiting on NBA approval for the paperwork they had submitted by the deadline, which entitled them to a 90-day extension.

Why this matters: The outcome of this mediation will determine the future ownership and control of the Minnesota Timberwolves franchise. It also highlights the complexities and potential pitfalls in high-stakes sports team ownership transfers.

The dispute may prompt the NBA to change its rules around such transactions to avoid future conflicts. NBA Commissioner Adam Silver said the league likely would not intervene in the dispute. Despite the ongoing ownership issues, Taylor, Lore, and Rodriguez were seen speaking cordially at a recent Timberwolves playoff game.

The original deal, struck in 2021, was for Lore and Rodriguez to buy the Timberwolves and the Minnesota Lynx WNBA franchise for $1.5 billion. Lore and Rodriguez currently own 36% of the team and had filed paperwork to buy an additional 40% to assume majority ownership before the March 27 deadline.

Taylor, 82, has expressed his desire to continue running the team, citing the Timberwolves' positive momentum. "Taylor said he enjoys running the team and doesn't need the money, so he may keep operating the franchise," according to sources close to the owner. The Timberwolves are coming off a successful 56-26 season, the second-best record in franchise history.

Key Takeaways

• Ownership dispute over Minnesota Timberwolves in mediation, first session May 2024.
• Dispute between current owner Glen Taylor and prospective owners Marc Lore, Alex Rodriguez.
• Lore and Rodriguez missed $600M payment deadline, claim awaiting NBA approval for extension.
• Outcome will determine Timberwolves' future ownership, highlights complexities in sports team sales.
• Despite issues, Taylor, Lore, and Rodriguez seen speaking cordially at recent playoff game.