Marc Lore and Alex Rodriguez have an agreement in place with Glen Taylor for the transfer of ownership of the NBA’s Minnesota Timberwolves and WNBA’s Lynx, a team source confirmed Wednesday.
Both sides ramped up negotiations on closing terms this week to get a deal done, the sources said. Taylor was reluctant to guarantee that he would not challenge the ruling in court, but relented this week.
Now, a 90-day window opens for Rodriguez and Lore to go through the NBA approval process to become majority owners, which would officially end the long, difficult battle over ownership. Both sides expect the group to be approved, the sources said.
ESPN first reported the news of the agreement.
Taylor agreed to sell the teams to Lore and Rodriguez for $1.5 billion in 2022. At the time, the plan was for Lore and Rodriguez to gradually assume control of the team in three installments over three years. As of last month, Lore and Rodriquez made two payments and played integral roles in shaping the direction of the franchises. They were preparing to make their final payment this month when Taylor called off the deal, saying Lore and Rodriquez did not complete their transaction on time.
Lore and Rodriguez argued that the contract entitled them to an extra 90 days because they were just waiting…
