David Levine -> RE: Timbrwolves 2024 Off-Season and Draft (10/22/2024 4:19:31 PM)
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LOS ANGELES — As the Minnesota Timberwolves begin arguably the most anticipated season in franchise history, the long-running battle for ownership of the team is approaching an important moment. The arbitration hearings between current owner Glen Taylor and prospective owners Marc Lore and Alex Rodriguez are Nov. 4, just under two weeks after the Wolves open the season on Tuesday night in Los Angeles against the Lakers. As the hearings approach, Lore and Rodriguez are positioning themselves to be ready to immediately purchase full ownership of the team, should things break their way, league sources told The Athletic. When Taylor first reached an agreement with Lore and Rodriguez on a step-by-step purchase of the team, he envisioned a scenario in which the third payment would give Lore and Rodriguez controlling interest in the Timberwolves and the Lynx of the WNBA. Taylor would remain on as a limited partner with a 20 percent holding. But Lore and Rodriguez’s ownership group has $940 million in an escrow account that will be used to immediately buy out Taylor entirely should the two prevail in arbitration, league sources said. Lore and Rodriguez have assembled a deep-pocketed group that includes heavyweight minority investors like former New York City mayor Michael Bloomberg and former Google CEO Eric Schmidt. They have been working on plans for a new arena and other improvements should the arbitration panel rule in their favor. https://www.nytimes.com/athletic/5864229/2024/10/22/marc-lore-alex-rodriguez-full-ownership-timberwolves/
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