Mediation will be used to settle the ownership dispute between Taylor and Lore of the Timberwolves.
The 82-year-old Taylor declared on March 28 that he was using his right to withdraw from the last portion of the peculiarly constructed agreement because Lore and Rodriguez had missed the deadline for the last payment, which was supposed to transfer an extra 40% of the team. The amount was estimated to be around $600 million.
Lore and Rodriguez were at odds with each other. The two stated they were awaiting NBA approval for the documentation they had filed by the deadline of March 27 in order to be eligible for a 90-day extension under the terms of their contract. Because the Timberwolves’ worth has grown since the deal, matching an ongoing surge in NBA revenue, they accused Taylor of merely experiencing seller’s remorse.
Although Taylor admitted to having a change of heart last month, he explained that it was due to the positive energy inside the team following a 56-26 season that ended up being the second-best in franchise history.
Following his declaration, Taylor told the AP in an interview, “We’ve got a really good team, we’ve got a lot of good things going for us, I enjoy it and I’m healthy enough to do this.” “Since I don’t need the money, I plan to continue operating it and taking pleasure in it. My coach is nice. I enjoy my employees. I’ll be pleased if everyone can maintain their jobs in this way.
Earlier this month, Commissioner Adam Silver stated that there probably wouldn’t be a good reason for the league to become involved in the conflict.
In 2021, Taylor came to an agreement with e-commerce tycoon Lore and former MLB player Rodriguez to purchase the Timberwolves and the Minnesota Lynx WNBA franchises for a combined $1.5 billion. In order to act as a kind of mentor to the newcomers as they assimilated into the league, the company, and the Twin Cities region, Taylor, who paid $88 million to purchase the franchise in 1994, structured the transaction in stages. Together, Lore and Rodriguez own 36 percent of the team.
According to Silver, the NBA may decide to modify its policies on these kinds of transactions in order to prevent similar disputes in the future.
Speaking politely to one other in a side hallway at Target Center on Saturday following Minnesota’s victory over Phoenix in Game 1 of the first-round playoff series, were Taylor, Lore, and Rodriguez. Tuesday night, Taylor and his spouse were seated adjacent to the Timberwolves bench for Game 2. Across the court, Lore and Rodriguez were seated with their guests.