Marc Lore, Alex Rodriguez have agreement in place for ownership of Timberwolves, Lynx: Sources

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Marc Lore and Alex Rodriguez have an agreement in place with Glen Taylor for the transfer of ownership of the NBA’s Minnesota Timberwolves and WNBA’s Lynx, a team source confirmed Wednesday.

Both sides ramped up negotiations on closing terms this week to get a deal done, the sources said. Taylor was reluctant to guarantee that he would not challenge the ruling in court, but relented this week.

Now, a 90-day window opens for Rodriguez and Lore to go through the NBA approval process to become majority owners, which would officially end the long, difficult battle over ownership. Both sides expect the group to be approved, the sources said.

ESPN first reported the news of the agreement.

Taylor agreed to sell the teams to Lore and Rodriguez for $1.5 billion in 2022. At the time, the plan was for Lore and Rodriguez to gradually assume control of the team in three installments over three years. As of last month, Lore and Rodriquez made two payments and played integral roles in shaping the direction of the franchises. They were preparing to make their final payment this month when Taylor called off the deal, saying Lore and Rodriquez did not complete their transaction on time.

Lore and Rodriguez argued that the contract entitled them to an extra 90 days because they were just waiting on final approval from the NBA. An arbitration panel agreed, saying last month that Lore and Rodriguez were entitled to the extension to complete their purchase of the teams.

The panel’s decision, however, did not grant Lore and Rodriguez immediate ownership of the teams. The league’s approval process, including a vote by the Board of Governors, is next before Lore and Rodriguez officially take over control of the organization.

What this means for the Wolves and Lynx

This was a long, bitter battle for control of the two teams between two parties that started as close business partners but ended with a knockdown, drag-out fight that spilled into the legal realm.

The transfer of power that was supposed to be a smooth, gradual process ended up being the exact opposite. Taylor grew skeptical of the Lore/Rodriguez group’s finances.

Lore and Rodriguez were infuriated that Taylor reneged on his agreement to sell the teams when the value of the franchise essentially doubled in the three years since he initially agreed to the sale.

Lore and Rodriguez won the fight in arbitration, and Taylor made the decision not to challenge the ruling in federal court, a move that would have been long, expensive and, most likely, fruitless.

Now, a team that has been caught in limbo during a messy divorce can move forward with a real direction. For the past year, as the divide between the two sides grew, front office personnel, coaches, players and business side employees were stuck trying to serve two masters, uncertain how it was all going to play out.

Now, everyone can settle in with the idea that this will be Lore and Rodriguez’s show going forward. The two partners have ambitious plans to take the Wolves and Lynx into the next phase of their existence, and once they are approved by the league, they can start communicating those plans in earnest to provide direction to a group that has been caught in the middle for far too long. — Jon Krawczynski, Minnesota senior writer 

(Photo: Gene Sweeney Jr. / Getty Images)

This news was originally published on this post .

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