The New York Yankees great Alex Rodriguez and businessman Marc Lore were dealt a harsh blow after Minnesota Timberwolves owner Glen Taylor backed out of their agreement to sell the team. In 2021, A-Rod and Lore had struck a deal with Taylor to buy the T-Wolves for $1.5 billion through a multipart transaction that would take place in installments. The potential owners had already purchased 40 percent of the franchise from owner Glen Taylor and were expected to finalize their acquisition for an additional 40% by Mar. 27. However, the deal fell through after Taylor contended that the potential buyers failed to meet the contractual deadlines.

NBA commissioner Adam Silver denied the league’s role in the sale dispute. “There is no role for the league in that process,” Silver said at today’s press conference following the Board of Governors meetings. He also pointed out that both parties agreed to a mediation plan in the original sales agreement.

The sales dispute may also cause the league to re-evaluate the kind of transactions it is going to allow moving forward. “Once the dust clears on this deal it may cause us to re-assess what sort of transactions we should allow,” Silver added. However, since the league won’t interfere in the dispute, it will likely be settled through arbitration.

The Minnesota Timberwolves sale dispute likely headed to arbitration

As per Rodriguez and Lore, they had secured the necessary funding to bump their stake to 80% and submitted the paperwork to the NBA on time for approval. While they were expected to make the payment to Taylor by March 27, they contended that that deadline could be extended by 90 days if the sides are awaiting league approval to finish the acquisition. Lore said that both partners are willing to fight “with all means possible” to close the deal that would make them controlling owners of the teams, the T-Wolves and their WNBA counterpart, the Minnesota Lynx, collectively valued at $2.5 billion.

According to Nick Williams of the Star Tribune, the dispute “will likely be settled by lawyers and potentially a judge.” As per the contract details that were revealed during a 2021 lawsuit against Taylor by a shareholder against the sale of the teams, the terms of the contract include an arbitration clause. The arbitration clause states that any dispute or controversy will be resolved by binding arbitration in Minneapolis. A retired judge and lawyers will then decide whether the 90-day extension for the final installment was permitted under the rules of the contract between the two parties.

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