Taylor loses arbitration; Lore, Rodriguez set to take over Wolves, Lynx

Lore and Rodriguez now have 90 days to complete the purchase and receive approve from the NBA Board of Governors.

Nov 26, 2024; Minneapolis, Minnesota, USA; Alex Rodriguez watches as the Minnesota Timberwolves lose to the Houston Rockets in overtime at Target Center. Mandatory Credit: Bruce Kluckhohn-Imagn Images / Bruce Kluckhohn-Imagn Images

After four years of drama, we go to the scorecards and the arbitrators have rendered their decision in the fight between Glen Taylor and Marc Lore and Alex Rodriguez — the winner, by majority decision, is Lore and Rodriguez.

Lore and Rodriguez announced the franchise-altering arbitration ruling on Monday following a topsy-turvy 12 months in which Taylor attempted to stop the sale of the Minnesota Timberwolves and Lynx in a last-minute decision, three years after the 2021 agreed-upon $1.55 billion sale. It was the culmination of a nearly year-long battle to determine who would assume majority ownership. The three-person arbitration panel ruled 2-1 in favor of Lore and Rodriguez.

Marc Lore and Alex Rodriguez announce the arbitration has ruled in their favor.

— Jon Krawczynski (@JonKrawczynski) February 10, 2025

"We are extremely pleased with (Monday's) decision," Lore and Rodriguez said in a statement provided to ESPN's Shams Charania and others. "We look forward to working with the NBA to complete the approval process and close this transaction so we can turn our attention to winning championships in Minnesota for our incredible fans and the Twin Cities community."

Statement from Lore and Rodriguez as arbitrators rule in favor of them over Taylor to become the controlling Timberwolves owners: https://t.co/lceVytrj9i pic.twitter.com/eIgoMJcehe

— Shams Charania (@ShamsCharania) February 10, 2025

Lore and Rodriguez, with assistance from former New York City Mayor Michael Bloomberg, are believed to have around $940 million ready in escrow to wire to Taylor for the final payment. Lore and Rodriguez reportedly have 90 days to complete the sale, which would also need to be approved by the NBA's Board of Governors.

The first payments were sent to Taylor in 2022 and 2023, while the third and final installment was due on March 27, 2024. Taylor backed out of the agreement last March, arguing Lore and Rodriguez didn't meet deadline for the final payment.

Sep 27, 2021; Minneapolis, MN, USA; Current owner Glen Taylor and limited partners and alt-governors for the Minnesota Timberwolves Alex Rodriguez and Mark Lore hold up jerseys after answering questions at a press conference at media day. Mandatory Credit: Bruce Kluckhohn-Imagn Images / Bruce Kluckhohn-Imagn Images

The decision from the arbitrators came down to the interpretation of one clause in the purchase agreement. Lore and Rodriguez argued that an automatic 90-day extension to complete the purchase should have been triggered when they submitted paperwork to the NBA and were waiting on approval last year. Taylor claimed they could've been granted a “limited extension” under specific circumstances, but that those circumstances did not occur. According to The Athletic's Jon Krawczynski, the arbitration panel agreed with Rodriguez and Lore's interpretation of those events.

Taylor said in a statement that he and his wife, Becky, were disappointed in the ruling.

"We will review the decision thoroughly prior to making any further comment," Taylor said in his statement. "We would like to express our sincere appreciation to Timberwolves and Lynx players, staff and loyal fans for their support."

The valuation of the Timberwolves currently stands at $2.94 billion, while the Lynx are valued at $85 million, according to Sportico. Taylor purchased the Timberwolves in 1994 for a reported $94 million.

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