ARod, Lore Win Ownership Dispute For MN Timberwolves Over Glen Taylor

MINNEAPOLIS, MN — An arbitration ruling on Monday determined that Alex Rodriguez and Marc Lore should assume majority ownership of the Minnesota Timberwolves, replacing longtime owner Glen Taylor.

The news was broken by ESPN reporter Shams Charania on Monday afternoon.

"We are extremely pleased with today's decision," Rodriguez and Lore told Charania.

"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."

The NBA’s Board of Governors now has to approve Lore and Rodriguez, Charania noted.

Background on sale-turned-ownership dispute

In 2021, Lore and Rodriguez reached an agreement to purchase the Timberwolves and Lynx from Taylor, 83, for $1.5 billion.

At Taylor’s request, the sale was divided into three stages. The first two stages took place in 2022 and 2023, with Lore and Rodriguez acquiring a 36 percent stake for approximately $600 million.

The final stage requires them to pay an additional $600 million to secure control of 80 percent by March 2024.

However, Taylor raised concerns on March 28, claiming that Lore and Rodriguez missed the deadline for the final payment.

Taylor — who has owned the Timberwolves since 1994 — also pointed to the team's potential as a championship contender as a contributing factor, according to ESPN.

Lore and Rodriguez said they had the necessary funds to complete the deal but were delayed by the NBA's approval process.

The two parties presented their arguments to a neutral arbitrator, who ultimately ruled in favor of Lore and Rodriguez.

This is a developing news story.