Timberwolves dispute between Taylor and Lore, Rodriguez over ownership moves to mediation

Release time：2024-05-21 18:22:01 Source：Planet Pulse news portal

MINNEAPOLIS (AP) — The Minnesota Timberwolves ownership dispute is moving into mediation.

The first session toward determining whether Glen Taylor will remain controlling owner or cede to Marc Lore and Alex Rodriguez has been scheduled for May 1, according to a person with knowledge of the situation. The person spoke to The Associated Press on condition of anonymity Tuesday because the details were not being publicized. ESPN first reported the news.

The 82-year-old Taylor announced March 28 that he was exercising his right to pull out of the last part of the unusually structured deal because Lore and Rodriguez did not meet the deadline for the final payment — about $600 million — that was to transfer an additional 40% stake of the club.

Lore and Rodriguez vehemently disagreed. The pair said they were waiting on NBA approval for the paperwork they’d submitted by the March 27 deadline that entitled them, per the contract, to a 90-day extension. They accused Taylor of simply having seller’s remorse because the value of the Timberwolves has increased since the agreement, mirroring a continued spike in NBA revenues.

Related articles