The Minnesota Timberwolves’ ownership dispute is set to move to a mediation session in Minneapolis on May 1, as reported by ESPN on Wednesday night. The conflict stems from longtime majority owner Glen Taylor’s decision on March 28 to terminate a three-year ownership succession plan with the group headed by Marc Lore and Alex Rodriguez. Taylor claimed that the former Walmart eCommerce CEO and retired baseball star failed to meet contractual obligations outlined in their purchase agreement. However, Lore and Rodriguez have maintained that they did not miss any deadlines and have accused Taylor of experiencing “seller’s remorse.”
In 2022 and 2023, Lore and Rodriguez acquired a 36 percent stake in the Timberwolves and the WNBA’s Minnesota Lynx. They then submitted paperwork in March to purchase an additional 40 percent, which would have given them majority ownership of the franchises. However, the NBA had not yet formally approved the purchase, which led to the group’s failure to close the deal by the March 27 deadline. Lore and Rodriguez are now seeking to reinstate the original agreement, which included a 90-day extension for obtaining NBA approval.
According to ESPN, the projections submitted to the NBA by Lore and Rodriguez indicate a payroll of $171 million for the Timberwolves next season. Currently, Minnesota’s roster payroll stands at $198 million, exceeding the $172 million luxury-tax threshold. Taylor has previously stated that he intends to keep the team intact if he remains the owner.
This article was originally published by Field Level Media and syndicated with permission.
