The Timberwolves’ ownership dispute will stretch into next season. An arbitration hearing that would essentially settle the dispute between minority owners Marc Lore and Alex Rodriguez and principal owner Glen Taylor will begin early November, Nick Williams of the Minneapolis Star Tribune reports.
The dispute has been ongoing since the tail end of the regular season. Taylor nixed the previous tiered payment agreement with Lore and Rodriguez, citing a breach of contract. Lore and Rodriguez disputed that characterization, stating that they had the funds necessary to become majority owners but were awaiting NBA approval and should have been entitled to an extension.
The third payment in dispute would increase Lore and Rodriguez’ share from 36% to about 80% and the purchase agreement stipulates that they could buy out Taylor’s remaining 20% stake anytime before March 2025.
The arbitration hearing will last approximately one week, with the ruling from a three-member arbitration panel coming within 30 days, Williams adds. A mediation hearing on May 1 failed to resolve the dispute, automatically moving the issue to arbitration.
If the arbitration panel rules in Taylor’s favor, he’ll retain majority ownership. The panel could also rule Lore and Rodriguez qualified for a 90-day extension, and Taylor must sell them the team or pay monetary damages.
The league should step in and oust Taylor. He just wants more money at this point, wasted, what, 20 years or more with crappy rosters, superstars with no good players around them, bad coaches. They’re finally on the cusp of relevance and this clown wants to stick around or get more money from the new owners. This old guard of ownership needs to go, league-wide. Needs to be some rule that says a team can’t be horrible as long as these bad teams are horrible for. Suckers keep going to the games and owners keep making money off piss-poor teams. That’s fraud, acting like they’re putting together a world class and professional team with the genuine intent to win titles and please fans. These old billionaires who never touched a basketball in their life need to go. There’s such a disconnect between the rich weirdos that own a team and the people actually trying to win a game.
It’s such a sad state of affairs that the only people able to replace these pillars of terrible ideals are other people with terrible ideals…
Hehe, exactly.
Add the fact that new ownerships are these hedge funds, venture capitalists, corporations …. the NBA is a great product, everything about it is getting more expensive and it’s passed on the fans.
These prehistoric owners are also out of touch with the fans.
Yep! Gotta keep some sense of order because otherwise we get crap like this.
Getting as far as they did this year was better than being on the cusp of revelance. And they did it with Taylor in control. Lore and ARod’s projections they showed banks for financing had them cutting payroll by $27 million. Explain to me why that’s better?
Oh look, a bunch of Marxists hating on successful people. Who could have guessed? Owners aren’t out of touch. They are more in-touch and competent than any fan, especially those on this site.
Rich people are dumb and don’t know anything but us poor people are wicked smart and know everything.
This is how you sound.
⬆️ everything wrong with the human species