On Thursday morning, Timberwolves owner Glen Taylor announced that he will retain his majority stake in the franchise after the final purchase option held by minority owners Marc Lore and Alex Rodriguez expired on Wednesday. That would leave Taylor with about a 60% stake in the WNBA’s Wolves and Lynx, with Lore and Rodriguez controlling about 40%. The final option would have seen Lore and Rodriguez become majority owners with an 80% stake, while Taylor would retain 20%. In Taylor’s press release, he also said that the Wolves and Lynx are no longer for sale.
However, in their statement this afternoon, Lore and Rodriguez disputed Taylor’s ownership claim and believe they should – and will – become majority owners, according to The Athletic’s Jon Krawczynski. “We are disappointed by Glen Taylor’s public statement today. We have fulfilled our obligations, have all necessary financing, and are fully committed to closing the purchase of the team as soon as the NBA completes its approval process. Glen Taylor’s statement Glen Taylor is an unfortunate case of seller’s remorse that is short-sighted and disruptive to the team and fans during a historic winning season.”
Sources tell ESPN’s Adrian Wojnarowski that Taylor and Lore and Rodriguez’s relationship has “disintegrated over the last couple of years.” That account certainly seems to align with today’s controversial news. As Krawczynski writes in a comprehensive article for The Athletic, the next steps are not immediately clear. A week ago, Lore and Rodriguez submitted the financial documentation they believed was necessary to complete the purchase. But Taylor says the duo failed to reach several key parameters in the purchase agreement.
According to Krawcyznski, the purchase agreement provides for third-party mediation and arbitration to resolve disputes like the one currently underway. Whatever happens next, it doesn’t look like the situation will resolve itself anytime soon. However, the situation has no reason to reflect on the team’s results.
2024-03-28 20:38:12
#Lore #Rodriguez #dispute #Taylors #ownership #Wolves
