Alex Rodriguez and Marc Lore have at least $940 million in escrow to strengthen their cause as limited partners attempting to buy out majority owner Glen Taylor for full control of the NBA’s Minnesota Timberwolves and the WNBA’s Lynx, according to multiple media reports on Tuesday.
Rodriguez and his business partner Lore had agreed to purchase the franchises for $1.5 billion in 2021 and had been buying chunks in 20 percent increments: 20, 20, 40 and 20.
In March, they owed Taylor more than $600 million as they attempted to buy another 40 percent and gain majority control, but Taylor said he canceled the deal when the partners changed financing groups and couldn’t come up with the money before the deadline for the final payment.
They disagreed, claiming delays in the NBA’s approval process and that they were entitled to an extension. The dispute is going to arbitration hearings on Nov. 4.
They added limited partners including billionaire businessman Michael Bloomberg to the prospective ownership group, according to reports in June. He would contribute a portion of the $300 million needed to buy the remaining 20 percent from Taylor and give their partner group 100 percent ownership.
They still would need a vote by the NBA board of governors, with all team sales requiring at least 23 owners give approval.
Taylor has said since the dispute that he doesn’t want to sell the team.
The Timberwolves have gained in value to $2.94 billion and the Lynx, who reached the WNBA Finals this season, are worth $85 million, according to Sportico.
–Field Level Media
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