The ownership transfer of the Minnesota Timberwolves must continue as originally planned, after an arbitration panel ruled Monday that controlling owner Glen Taylor must cede control of the NBA club to partners Marc Lore and Alex Rodriguez in the disputed final phase of the $1.5 billion sale that was uniquely arranged three years ago to give Lore and Rodriguez the majority stake.
Lore and Rodriguez, the former Major League Baseball star, released a joint statement announcing that their timeline for obtaining league approval and completing the acquisition has not expired, as Taylor contended when he halted the sale nearly a year ago.
The transaction is subject to approval by the league’s board of governors, with at least 23 of 30 team owners needing to vote yes. Taylor, who grew up on a Minnesota dairy farm and built a fortune on a business that specialized in printing wedding invitations, bought the Timberwolves for $88 million in 1994 to prevent the franchise moving from New Orleans.