Lore, A-Rod Seem to Have Upper Hand in Upcoming Arbitration Battle for Timberwolves
The Minnesota Timberwolves kicked off their season on Tuesday night. Unfortunately, it started with a historic loss at the hands of Bronny and LeBron James. In the background, however, is the ongoing ownership battle between Marc Lore, his business partner Alex Rodriguez, and longtime Wolves owner, Glen Taylor.
The next big arbitration date between the two sides is set for November 4th, and that’s when we are supposed to get a resolution from this process that has drug on for far too long, already.
Minnesota Timberwolves could finally be switching owners
There was a time when Alex Rodriguez and Marc Lore sought to buy a majority stake in the Minnesota Timberwolves from Glen Taylor, who was then going to stay on as a rather significant minority partner (20%). Along the way, though, the relationship between Lore/A-Rod and Taylor has broken down to the point of no repair.
According to The Athletic’s Jon Krawczynski, Mark Lore and Alex Rodriguez are feeling good about their position, as November 4 approaches. And if they win in arbitration, the group has nearly a billion dollars sitting in an escrow account, ready to buy out Taylor’s remaining stake.
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.
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.
Jon Krawczynski on the Timberwolves ownership situation (The Athletic)
Lore, A-Rod pumping insiders full of optimism
Recently on the Pat McAfee Show, ESPN Insider Shams Charania talked about the money that Rodriguez and Lore currently have sitting in that JP Morgan escrow account.
Related: Rudy Gobert Signs Contract Extension with Minnesota Timberwolves
By both Jon and Shams’ reporting, the prospective owners seem to have a lot of confidence. Confidence that has been bolstered by the additions of billionaires Michael Bloomberg and Eric Schmidt, to the purchasing group. And it’s obvious, they’ve displayed a lot of confidence that the Minnesota Timberwolves will be there’s, when this is all said and done.
"Within a month we should know who's gonna be the owner of the Minnesota Timberwolves..
— Pat McAfee (@PatMcAfeeShow) October 22, 2024
I'm hearing that Alex Rodriguez & Marc Lore have $940M sitting in a JP Morgan account to be wired to Glen Taylor to finish this purchase of the team..
They're trying to buy this team… pic.twitter.com/J1lGCObPoS
“This is where it stands right now though. November 4 is when arbitration starts. Glen Taylor against Alex Rodriguez and Marc Lore. I believe, from what I hear, within a month we should know who’s going to be the owner of this team. What’s interesting is I am hearing that Alex Rodriguez and Marc Lore have $940 million sitting in a JP Morgan account, right now, to be wired to Glen Taylor to finish this purchase of the team. Not only just to get their 60-70% share, but to buy the team 100% in full from Glen Taylor.”
Shams Charania on the Timberwolves purchase (Pat McAfee Show)
There are no guarantees as to how this will play out, but it does seem that there is building momentum in the favor of a change. At any rate, we seem to be coming close to finality for this whole situation. And a conclusion to this situation is all Minnesota Timberwolves want, at this point,
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