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Alex Rodriguez and tech entrepreneur Marc Lore took a major step toward finalizing a deal for the Minnesota Timberwolves and Lynx—nearly four years after they first entered into an agreement to acquire the teams.
An arbitration panel ruled 2-1 ruled in favor of Rodriguez and Lore, a decision announced on Monday that will allow the acquisition to move forward. The two entered into an agreement to purchase the teams valued at $1.5 billion from Glen Taylor in May 2021 under a three-year succession plan that Taylor sought to scuttle last year.
“We are extremely pleased with today’s decision,” Rodriguez and Lore said in a statement to Front Office Sports. “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.”
Taylor, who purchased the Timberwolves for $88.5 million in 1995, and his wife, Becky, said they are “disappointed” by the arbitration decision.
“We will review the decision thoroughly prior to making any further comment,” Taylor said in a statement. “We would like to express our sincere appreciation to Timberwolves and Lynx players, staff, and loyal fans for their support.”
The ruling effectively gives the duo control of the Timberwolves and Lynx pending a vote by NBA owners—unless Taylor uses the courts in another attempt to halt the transaction. The NBA is expected to issue a statement on the arbitration decision Monday night.
The battle over the future control of the Timberwolves and Lynx entered arbitration last May. Taylor alleged Rodriguez and Lore, who already owned 36% of the clubs, missed a March 2024 deadline to acquire another 40%. Lore and Rodriguez, however, contended they made payments per the terms of the pact and that Taylor was experiencing “seller’s remorse.” The Timberwolves alone are valued at $3.1 billion, according to Forbes.
“We have fulfilled our obligations, have all the necessary funding, and are fully committed to closing our purchase of the team as soon as the NBA completes its approval process,” Rodriguez and Lore said last March.
Since Taylor agreed to sell the team the Wolves have become one of the NBA’s up-and-coming teams thanks to the emergence of star player Anthony Edwards. The team made the Western Conference finals a year ago for just the second time in franchise history partially due to president of basketball operations Tim Connelly, who Rodriguez and Lore hired away from the Denver Nuggets. Connelly’s contract has an opt-out clause at the end of the season and there was speculation he could leave if Taylor retained control of the team.
In April 2024, ESPN reported that part of Taylor’s reasoning for pulling the team off the market was because Rodriguez and Lore planned to slash the team’s payroll upon gaining control, which would hurt its ability to contend for championships. The report raised eyebrows because Taylor isn’t known as a big spender who has only paid $25.5 million in luxury tax in his time as owner and none since 2011. Additionally, the team traded star player Karl-Anthony Towns to the Knicks in October, who was in the first year of a four-year, $220 million extension.
Rodriguez and Lore said that Taylor’s decision last year to call off the deal was “short-sighted and disruptive to the team and the fans.” In October, sources told FOS that Rodriguez and Lore deposited more than $940 million into an escrow account. The funds reportedly included investments from former New York mayor Michael Bloomberg and former Google CEO Eric Schmidt.
Alex Schiffer and Dennis Young contributed reporting.
