An arbitration panel has mandated that Glen Taylor proceed with the sale of the Minnesota Timberwolves to Marc Lore and Alex Rodriguez, refuting Taylor's claims of missed deadlines. Lore and Rodriguez, who initially partnered in a $1.5 billion deal for the team's majority stake, expressed surprise at Taylor's withdrawal attempt last year. Taylor will need to review the 2-1 panel decision before commenting further, while the ownership transfer awaits league board approval, requiring votes from at least 23 out of 30 team owners.
Taylor announced last March 28 that he was exercising his right to pull out of the deal because Lore and Rodriguez did not send the final payment within the 90-day deadline of initiating the purchase of their third portion of the club to reach about an 80% stake.
The ownership transfer of the Minnesota Timberwolves must continue as originally planned, after an arbitration panel ruled that controlling owner Glen Taylor must cede control of the NBA club to partners Marc Lore and Alex Rodriguez.
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