Amidst the Minnesota Timberwolves’ ownership turmoil, majority owner Glen Taylor and the group led by Marc Lore and Alex Rodriguez are set to engage in a mediation session on May 1 in Minneapolis, as sources informed ESPN.
The longstanding succession plan, initially spanning three years, took an abrupt turn when Taylor declared Lore and Rodriguez non-compliant with the stipulated sales conditions, halting their progression towards majority ownership this spring.
Lore and Rodriguez vehemently contest Taylor’s claims, advocating for a return to the original agreement, which entailed an automatic 90-day extension to secure NBA approval and majority ownership.
Mediation is now the primary avenue for resolving the ongoing dispute, as outlined in the original contract. Despite the ownership saga, the Timberwolves achieved a significant milestone, clinching the No. 3 seed in the competitive Western Conference and securing a 1-0 lead over the Phoenix Suns in the playoffs.
The Lore and Rodriguez consortium had initially made substantial payments to acquire a 36% stake in the Timberwolves and Lynx in 2022 and 2023. They subsequently sought to purchase an additional 40% for approximately $600 million, aiming for full control of the franchises by March’s end.
However, Taylor’s decision to nullify the contract was fueled by Lore and Rodriguez’s failure to transfer the remaining funds by the March 27 deadline, citing NBA approval as the unmet prerequisite.
Compounding the rift were financial projections by Lore and Rodriguez, signaling a considerable reduction in roster payroll. Taylor viewed this as a threat to the team’s championship aspirations, as it would potentially undermine their competitiveness in the league.
In contrast, Lore and Rodriguez defended their strategy, emphasizing their approval of contract extensions for key players, such as Jaden McDaniels and Mike Conley, which would inevitably improve the team’s payroll.
