David Levine
Posts: 78717
Joined: 7/14/2007
From: Las Vegas
Status: offline
|
An arbitration ruling to decide the fate of the Minnesota Timberwolves and Lynx could come at any minute as the deadline for a decision is Monday, February 10.
Jon Krawczysnki, during a Monday appearance with Dan Barreiro on KFAN-FM 100.3, said the winner of arbitration — Glen Taylor vs. Marc Lore and Alex Rodriguez — needs to be revealed by the 10th.
"I think by this time next week, Dan, when I come back on the program, we will have an answer to that question. At least of who won the arbitration. But I think it's going to go right down to the wire here. Maybe Friday, Maybe Monday of next week is the 10th, I think that's the absolute deadline," Krawczynski said. "Everyone is on pins and needles around the organization. Nobody knows what's going to happen and we are all just waiting with bated breath here."
Rodriguez and Lore, along with new partner Michael Bloomberg, apparently have $940 million ready to be wired to Taylor to complete their purchase of the franchise at the originally agreed-upon cost of $1.55 billion.
Taylor backed out of the deal in March 2024 in a move that stunned Rodriguez and Lore, eventually leading to arbitration beginning in November.
The decision could come down to the interpretation of one clause in the purchase agreement. Lore and Rodriguez contend an automatic 90-day extension to complete the purchase should have been triggered when they submitted paperwork to the NBA and were waiting on approval last year. Taylor argued that Rodriguez and Lore could have been granted a “limited extension” under specific circumstances, but that those circumstances did not occur.
"If Glen Taylor wins, he just keeps the franchise," Krawczynski said. "If Marc Lore and Alex Rodriguez win, they still have to be approved. They will be basically granted that 90-day extension to finish the acquisition that they said that the contract entitled them to. They'll have to go through that whole process, be voted on, do all of that stuff. If they win, they are not immediately in control. That will still take some time."
Since the sale process began years ago, the valuation of the Timberwolves has risen to $2.94 billion while the Lynx are valued at $85 million, according to Sportico.
https://www.si.com/nba/timberwolves/minnesota-timberwolves-news/wolves-ownership-decision-deadline-is-monday-everyone-is-on-pins-and-needles-01jkb8dxq80v
|
Printable Version
RE: Timberwolves 2024/2025 Season - 
New Messages
No New Messages
Hot Topic w/ New Messages
Hot Topic w/o New Messages
Locked w/ New Messages
Locked w/o New Messages
Post New Thread