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The dispute over ownership of wolves and lynx may be resolved soon

Posted on by L. Dreeye
The dispute over ownership of wolves and lynx may be resolved soon

Marc Lohr, Alex Rodriguez and Michael Bloomberg reportedly have nearly a billion dollars in their accounts ready to be transferred to Glen Taylor to gain full ownership of the Minnesota Timberwolves and Lynx.

It remains to be seen whether Lore-Rodriguez’s ownership group will finalize the deal to purchase the Timberwolves and Lynx for the previously agreed upon sum of approximately $1.55 billion. Taylor backed out of the deal earlier this year – a surprise decision that Lohr and Rodriguez called “seller’s remorse” – and the two sides are now set to settle their dispute in arbitration.

According to ESPN’s Shams Charania, arbitration will begin on November 4th and we could know the outcome by December.

“That’s where it is now,” Charania began speaking with Pat McAfee on Tuesday. “Arbitration begins in November. Glen Taylor vs. Alex Rodriguez and Mark Lohr. From what I’ve heard, I believe we should know within a month who will own this team. And interestingly, I hear that Alex Rodriguez and Marc Lohr have $940 million in their JP Morgan account that needs to be transferred to Glen Taylor to complete the purchase of the team. Not only to get only their 60-70% stake, but also to buy the team outright from Glen Taylor. ”

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The initial agreement resulted in Lohr and Rodriguez paying 20% ​​of the sale price in 2021, followed by an additional 20% contribution in 2023. Earlier this year, a 40% payment was expected, which would have given the new ownership group a stake. in franchises up to 80%, with Taylor holding the final 20% as a minority owner.

The new goal appears to be for Lohr and Rodriguez, who were joined earlier in 2023 by Bloomberg, one of the world’s richest men, to buy 100% of the Timberwolves and Lynx from Taylor.

The outcome of the battle for ownership may come down to the interpretation of one clause of the purchase and sale agreement. Lohr and Rodriguez argue that the automatic 90-day extension to complete the purchase should have been triggered when they submitted paperwork to the NBA and were awaiting approval earlier this year. Taylor argues that Rodriguez and Lore could have been granted “limited extensions” under certain circumstances, but those circumstances did not occur.

Perhaps we will know the answer to this interpretation by the time the calendar turns to December.

I know that within a month of the November 4 date, we should know exactly who will own this team in the future,” Charania said.