Wolves To Have Mediation On Ownership Dispute On May 1st

23/04/2024 04:05

The Minnesota Timberwolves' ongoing ownership dispute will have an initial mediation session on May 1st.

Glen Taylor voided a deal to sell a majority stake in the Wolves to a group led by Marc Lore and Alex Rodriguez after he asserted they failed to meet contractual deadlines.

Lore and Rodriguez are disputing Taylor's position as they attempt to finalize their purchase of the Wolves.

Lore and Rodriguez agreed to purchase the Wolves in 2021 at a valuation of $1.5 billion. The deal allowed them to purchase 20 percent of the team in July 2021, 20 percent more in 2022 and 40 percent more in 2023.