Alex Rodriguez and Marc Lore are finally ready to take over the Minnesota Timberwolves.
The arbitrators ruled in favor of Rodriguez and traditions on the current owner Glen Taylor in their Long tumultuous struggle for the future of this franchise And the Lynx of the WNBA minnesota on Monday, the two men announced.
The two will become the owners of the team after the approval of the Board of Directors of the NBA. It is not known when Rodriguez and Lore officially take control of the property of the franchises.
“We are extremely satisfied with today’s decision,” the two men said in a statement. “We are impatient to work with the NBA to finish the approval process and close this transaction so that we can focus our attention on the winning championships in Minnesota for our incredible fans and the community of twin cities.”
Rodriguez and Lore agreed to buy Timberwolves and Taylor Lynx for $ 1.5 billion in 2021. They initially bought a 20%stake, then had three future options that would have given them total control of the teams in the following years. They reached 40% of ownership, then had to jump up to 80% last year before Taylor suddenly announced that the team was no longer on sale and that he was going to control the interest of the franchises.
Taylor said Rodriguez and Lore have missed a deadlineWhich allowed him to get out of the agreement. Rodriguez and Lore described this announcement as a “nuclear bomb” which completely surprised them. They said they thought Taylor wanted to go back because the team has improved in recent years and because the Phoenix Suns have been sold for around $ 4 billion a year after concluding their agreement.
“It’s just bad faith that you have an agreement and a contract, and then because you can get more money, you just decide that I don’t want the contract anymore,” said Lore last year, via Minneapolis Star Tribune. “It’s just bad faith. It is not a good person, a good partner, a good human. You don’t do that. It’s a bit like honor. It’s a bit of honor .
Since then, both parties have been in arbitration.
Taylor bought the Timberwolves for the first time for $ 94 million in 1994, and he bought the lynx five years later.
“Becky and I were disappointed by this 2-1 decision of the panel”, Taylor said in a press release. “We will review the decision thoroughly before making other comments. We would like to express our sincere appreciation to the players of Timberwolves and Lynx, staff and loyal fans for their support.”
Now that the arbitrators have ruled for Lore and Rodriguez, Taylor is contractually forced to sell them the share of control of the teams during the initial evaluation of $ 1.5 billion. Once Lore and Rodriguez have received at least 23 of the 30 approval owners, they will receive a controlling property of the franchise. It is not clear if Lore and Rodriguez will try to try to buy Taylor and his partners completely.
Timberwolves were estimated at $ 3.1 billion per Forbes Last fall. Although this is up 24% from one year to another, they are the third team in the League. Only the Grizzlies of New Orleans and Memphis are worth less.
The Timberwolves are currently holding a 30-23 file this season before the match on Monday evening against the Cleveland riders. The lynx, which reached the WNBA final last season, has the overall choice n ° 11 in the draft later this spring.