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David Levine -> RE: Timberwolves 2023 - 2024 Season (3/28/2024 11:44:42 AM)
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As it stands, this appears to come down to Taylor’s interpretation of the agreement versus the view of Lore and Rodriguez, who believe that last week’s filing of financial commitment letters was enough to show that the process can move forward.
Taylor’s view, according to the statement, is that when Lore and Rodriguez exercised their option to buy the final 40 percent in the deal, that opened a 90-day window for them to complete the entirety of closing. The agreement required Lore and Rodriguez to complete several steps in that window so that when March 27th arrived, everything was finished.
But Taylor’s view of the agreement shows that the prospective owners have missed several benchmarks along the way, including not yet going under a final review from the NBA’s finance committee, not receiving a letter of approval or a vote from the board of governors. No money has been exchanged yet, either.
Taylor believes that because those obligations were not fulfilled, Lore and Rodriguez were not eligible for an extension to finish that process and the option, therefore, has expired. Assuming Taylor does retain full control of the team, he is not expected to put it back on the market, league sources told The Athletic.
Lore and Rodriguez will likely argue that they fulfilled all of their obligations and were eligible to get the final 90-day extension to go through the league approval process, the vote from the Board of Governors and ascend to controlling owners.
Whether this eventually lands in the court system, is resolved through mediation/arbitration or some other way remains to be seen.
https://theathletic.com/5375544/2024/03/28/timberwolves-lynx-lore-rodriguez-ownership/
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