Topline

Ownership Dispute Over Minnesota Timberwolves Heads to Arbitration

An intense legal battle is brewing over the ownership of the Minnesota Timberwolves, as former MLB MVP Alex Rodriguez and e-commerce mogul Marc Lore face off against the team’s billionaire owner in a contentious dispute. This dispute comes at a crucial time for the Timberwolves, who are currently in the midst of their best playoff run in years.

Key Facts

Lore and Rodriguez agreed to purchase the Western Conference team in April 2021 for $1.5 billion, with financial backing from Dyal Capital Partners. However, the deal hit a roadblock when Timberwolves owner Glen Taylor claimed that Lore and Rodriguez did not meet the terms of the agreement by the deadline in March.

Since the initial agreement, the value of the team has skyrocketed, with Forbes estimating its worth at approximately $2.5 billion as of last October.

After a failed mediation attempt, Lore and Rodriguez are now gearing up for arbitration to settle the ownership dispute.

According to reports, Lore and Rodriguez have made a final $600 million payment to acquire a second 40% stake in the Timberwolves and the WNBA’s Minnesota Lynx. They have also submitted paperwork to trigger a 90-day extension for the league to approve the deal.

Legal experts believe Lore and Rodriguez have a strong case, arguing that they are entitled to the 90-day extension to finalize the deal.

Surprising Fact

The Timberwolves, founded in 1989, have never won an NBA championship or appeared in the NBA Finals. Their best playoff performance came in 2004 when they reached the Western Conference Finals.

What To Watch For

The Timberwolves are currently facing elimination in a conference semifinal matchup against the Denver Nuggets. The outcome of this game will determine if they advance to the Western Conference finals.

Forbes Valuation

Glen Taylor, the current owner of the Timberwolves, has an estimated net worth of $2.9 billion, making him one of the wealthiest individuals in the world.

Tangent

Alex Rodriguez, a former MLB MVP and World Series champion, made headlines in 2001 for signing the largest contract in MLB history. Despite his on-field success, Rodriguez’s career has been marred by controversy surrounding his use of performance-enhancing drugs.

Further Reading

For more information on the ongoing ownership dispute over the Timberwolves and Lynx sale, check out these articles from Star Tribune and ESPN.