The Minnesota Timberwolves ownership saga continues as current owner Glen Taylor aims to keep control of the franchise while Alex Rodriguez’s team seeks to enforce a previously agreed-upon sale. Mediation between the two sides failed to resolve the dispute, and now arbitration is the next step.
According to sources, the central disagreement revolves around a call option clause for the completion of a deal for Lore and Rodriguez to acquire majority shares from Taylor. Lore and Rodriguez were expected to make their final installment of a $1.5 billion payment to Taylor by March 27, which would give them 80% ownership of the franchises. However, Taylor announced that the acquisition option had expired, and he plans to keep the controlling ownership.
The mediation hearing, supervised by retired Hennepin County Judge Rick Solum, did not resolve a central disagreement over a call option clause for the completion of a deal for Lore and Rodriguez to acquire majority shares from Taylor, people with knowledge of the matter told the Star Tribune.
When contacted Thursday, Solum declined to comment on the mediation hearing. The Timberwolves also declined to comment. Messages to lawyers representing Lore, Rodriguez and Taylor were not answered.
The value of the dispute exceeds $5 million, so by terms of the contract agreement, an arbitration award would be determined by a three-member panel. One of the members has to be a retired Hennepin County or federal district court magistrate judge from the District of Minnesota. Each side can choose an arbitrator for the panel.
In the event Taylor, Lore and Rodriguez can’t agree on the retired judge selection, a chief judge of the Hennepin County District Court will choose for them.
The arbitration must be completed within six months and take place in Minneapolis, according to the contract.
The Minnesota Timberwolves have been performing exceptionally well on the court this season. They finished the regular season with one of the best records in the Western Conference, securing the No. 3 seed for the first time in the team’s history. This achievement has been a source of excitement and pride for Timberwolves fans, who have been eagerly following the team’s progress.
In the playoffs, the Timberwolves have continued their impressive performance, sweeping the Phoenix Suns and beating the defending NBA champions, the Denver Nuggets, in Game 1. The team’s victory in Game 1 was largely due to the excellent performance of Anthony Edwards, who scored a playoff career-high 43 points, and Naz Reid, who had 14 of his 16 points in the fourth quarter.
The Timberwolves’ success this season can be attributed to their full roster of healthy players, including Karl-Anthony Towns, who missed 52 games last season due to a severe calf strain. With all players healthy and ready to play, the Timberwolves are a formidable opponent for any team in the playoffs.
As the Timberwolves continue their playoff run, fans are eagerly anticipating the team’s next game against the Nuggets on Monday night. With their impressive record and strong performance on the court, the Timberwolves are poised to continue their success in the playoffs and make their fans proud.
