MINNEAPOLIS — Alex Rodriguez and Marc Lore met with the NBA's Finance Committee this week as part of the next step to attain league approval of their first 20% purchase of the Timberwolves, the first in multiple purchases over the next few years that would make Rodriguez and Lore controlling owners of the team, league sources said.
After this week's meeting, the Finance Committee is expected to recommend to the Board of Governors at large that they approve the sale of that first 20%, and a final decision on it is expected in coming weeks, sources said.
This process is taking place after a judge recently dismissed a suit from minority owner Meyer Orbach, who challenged the sale between Rodriguez, Lore and current controlling owner Glen Taylor, who also owns the Star Tribune.
Orbach had alleged breach of contract against Taylor because the new agreement Taylor made with Lore and Rodriguez violated terms of Orbach's agreement with Taylor concerning when Orbach would receive payment for his 16.3% of the franchise.
Orbach contended he should be able to cash out now while Taylor argued that would happen in two years, when Rodriguez and Lore officially become controlling owners.
A judge ruled in favor of Taylor earlier this month.
Court documents in the case revealed the outline for Rodriguez and Lore to take over the franchise. They would purchase 20% this summer, then have the options to purchase 20% before the end of 2022 and 20% before the end of 2023. After that last purchase they will become controlling owners of the team.
Each 20% purchase must get league approval. The sales are not guaranteed, but Taylor has said the expected plan is for Lore and Rodriguez to take over controlling ownership of the franchise in two years.
