The person requested anonymity because they were not authorized to speak publicly about Taylor’s plans.
This paves the way for Alex Rodriguez and Marc Lore and investors Eric Schmidt and Mike Bloomberg to become 100% owners of the NBA and WNBA franchises in the state.
The arbitration ruling stated that Rodriguez and Lore, who agreed to buy the team for $1.5 billion in 2021, did not violate terms of the purchase agreement, which Taylor alleged. The Timberwolves/Lynx have been valued at just above $3 billion by Forbes and Sportico.
The NBA needs to approve the sale, and at All-Star Weekend in February NBA commissioner Adam Silver said, “I will say standing here today, I don’t see any reason why it won’t be approved, but again, we need to follow the process.”
Rodriguez, the former MLB star, and Lore, a billionaire entrepreneur, had already been approved as partial owners.
It was an unusual purchase agreement. Rodriguez and Lore planned to buy the team in three installments – 20%, 20% and another 40% last spring to become majority owners while Taylor helped guide them as owners and stewards of the franchises until the deal was completed.
A year ago, Taylor called off the sale, saying in a statement: “the closing was required to occur within 90 days following the exercise notice issued by Lore and Rodriguez. That 90-day period expired on March 27, 2024. Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur. … The Timberwolves and Lynx are no longer for sale.’
Rodriguez and Lore claimed Taylor had seller’s remorse. Taylor agreed to sell 80% of the team to Rodriguez and Lore at a $1.5 billion valuation. The insinuation from the Rodriguez-Lore camp: Taylor could make millions more by selling at the higher valuation.
Taylor bought the Timberwolves in 1994 for approximately $94 million and later added the Lynx.
As part of the purchase agreement, both sides agreed to arbitration in a dispute that sometimes turned petty.
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