Alex Rodriguez and Marc Lore's Timberwolves ownership hopes alive after setting mediation date with Glen Taylor: Report
Amid their first-round playoff series against the Phoenix Suns, the Minnesota Timberwolves' ownership dispute rages on. According to ESPN's Adrian Wojnarowski, longtime Timberwolves majority owner Glen Taylor and minority partners Alex Rodriguez and Marc Lore have set a mediation date to settle their ongoing disagreement.
Rodriguez and Lore agreed to purchase Minnesota in installments in 2021 at a $1.5 billion valuation. They made two payments to buy 36% of the Timberwolves and the WNBA's Minnesota Lynx in 2022 and 2023.
They were set to make an additional $600 million payment for another 40% of the franchises last month. However, three years after their initial agreement, Taylor voided the deal.
The 83-year-old alleged that Rodriguez and Lore didn't make their remaining payments to assume majority ownership by their March 27 deadline. But they claimed they could have done so if the NBA approved their purchase.
So, the sides have reportedly set a May 1 mediation date in Minneapolis to resolve their dispute. Per Wojnarowski, Rodriguez and Lore will attempt to restore their initially agreed upon 90-day extension window to get their deal approved by the league.
However, it remains to be seen if Taylor will be open to reconsidering his stance on maintaining ownership of the team.
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Minnesota Timberwolves positioned for deep playoff run despite ownership dispute
Minnesota's long-running ownership dispute doesn't appear to be negatively affecting the team's on-court production.
The Timberwolves finished third in the Western Conference this season (56-26), winning 14 more games than last season (42-40). Their 56 wins is their highest win total since the 2003-04 season (58-24). Additionally, Minnesota boasts the league's No. 1 defense (108.4 defensive rating).
The Timberwolves took a 1-0 lead over the Suns in Game 1 of their first-round playoff series on Saturday, securing a comfortable 120-95 home victory. So, the franchise appears poised to potentially win a playoff series for the first time since 2004.
Amid Minnesota's success, the franchise's valuation continues to grow, with Forbes valuing it at $2.5 billion as of October 2023. That marks a $1 billion increase from the valuation that Alex Rodriguez and Marc Lore agreed to purchase it at three years ago.
If the team continues its success leading up to Rodriguez and Lore's May 1 mediation session with Glen Taylor, tension could continue escalating.
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