Timberwolves Announce Alex Rodriguez and Marc Lore Have Won Arbitration Case Against Glen Taylor
Well, this issue is finally coming to a conclusion. Minnesota will be able to move forward and enter a new era. Monday afternoon the Timberwolves announce that Alex Rodriguez and Marc Lore have won their arbitration case against Glen Taylor. Last year, Taylor backed out of the sale in the final moments which led to a major court battle, now settled. This outcome affects both the Wolves as well as the Lynx.
The Timberwolves organization released an official statement to confirm the news of the ownership change. It reads as follows:
“Minnesota Timberwolves Basketball Limited Partnership (“Timberwolves and Lynx”) today announced that the arbitral panel issued its decision finding that the option for Marc Lore and Alex Rodriguez to acquire control of the Timberwolves and Lynx should be extended for an additional 90 days and that Messrs. Lore and Rodriguez may continue to pursue their application for NBA approval.”
Of course, Glen Taylor is very saddened and displeased over this ruling. Not happy in the least. He voiced his feelings mentioning,
“‘Becky and I were disappointed by this 2-1 decision from the panel,’ said Glen Taylor, Chairman of Taylor Sports Group, Inc., the general partner of the Timberwolves and Lynx. ‘We will review the decision thoroughly prior to making any further comment. We would like to express our sincere appreciation to Timberwolves and Lynx players, staff, and loyal fans for their support.’”
Timberwolves Announce Alex Rodriguez and Marc Lore Have Won Arbitration Case Against Glen Taylor
Nevertheless, Lore and Rodriguez are thrilled that things are now moving along. And are ready for the next steps to be taken. Here is Alex and Marc’s official statement on this long drawn out situation:
“Marc Lore and Alex Rodriguez today announced that the arbitration in the Minnesota Timberwolves and Lynx ownership dispute was decided in favor of Lore and Rodriguez. The decision endorsed Lore and Rodriguez’ interpretation of the purchase agreement and confirmed that the contractually agreed timeline for Lore and Rodriguez to obtain NBA approval and complete their acquisition of the teams has not expired.
Marc Lore and Alex Rodriguez commented, ‘We are extremely pleased with today’s decision. We look forward to working with the NBA to complete the approval process and close this transaction so that we can turn our attention to winning championships in Minnesota for our incredible fans and the Twin Cities community.’”
This is huge for Rodriguez and Lore. Things are sliding into their favor. They now have 90 days to finish acquiring the team and will then pursue approval from the NBA. Lore and Rodriguez will not immediately take control of the Wolves and Lynx. They have to go through the final approval process and a vote from the NBA’s Board of Governors. When that vote comes is not immediately known.
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