Sources – Rodriguez, Lore to Timberwolves after Standoff

Glen Taylor has accepted the Marc Lore-Aalex Rodriguez group acquire 100% property of the minnesota and minnesota lynx timberwolves at the same price of $ 1.5 billion compared to the agreement in 2021, sources told ESPN.

As part of the agreement, Taylor decided not to appeal an arbitrator from an arbitrator from February which ruled in favor of Lore-Rodriguez in a dispute on the sales contract.

The NBA began the transfer process, in particular in the end of a vote by the Council of Governors, said sources.

Lore and Rodriguez initially agreed to buy the team in Taylor in 2021 in a three -part sale. The first two slices, totaling 36% of the teams, changed hands for around $ 500 million as expected. But in March 2024, Taylor canceled the sale when he thought that Lore and Rodriguez violated the conditions of the sales agreement and missed a deadline to finalize the agreement.

There was a disagreement, and the question finally went to arbitration, where Lore and Rodriguez finally prevailed in a decision shared between a panel of three judges.

In the meantime, Lore and Rodriguez have scored their group by adding partners, notably the former mayor of New York Michael Bloomberg, the former Director of Google, Eric Schmidt, and Blue Owl Capital approved by Blue Owl Capital, a capital investment fund approved by Blue Owl Capital, approved by Blue Owl Capital. The group collected an additional $ 950 million and put it back to demonstrate that it was ready to execute the transaction.

In the past six weeks, the Lore-Rodriguez and Taylor group have had discussions and have entered into an agreement to finalize the agreement.

Taylor, 83, bought the Wolves in 1994 for $ 94 million, saving the team with a possible relocation to New Orleans. He had put the team on the market and had succeeded several times in the past two decades.