Marc Lore, Alex Rodriguez have an agreement taking place for the property of Timberwolves, Lynx: sources

Marc Lore and Alex Rodriguez have an agreement with Glen Taylor for the transfer of the ownership of the minnesota Timberwolves of the NBA and the Lynx of Wnba, a team source confirmed on Wednesday.

Both parties have increased negotiations on closing conditions this week to make an agreement, the sources said. Taylor was reluctant to ensure that he would not challenge the court sentence, but he sold this week.

Now, a 90 -day window opens for Rodriguez and the tradition to go through the NBA approval process to become majority owners, who would officially end the long and difficult battle on the property. Both parties expect the group to be approved, the sources said.

Espn reported the news of the agreement for the first time.

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 take control of the team in three episodes in three years. Starting last month, Lore and Rodriquez made two payments and carried out full roles in modeling the management of franchises. They were preparing to make the final payment this month when Taylor canceled the agreement, saying that Lore and Rodriquez did not complete their transaction in time.

Lore and Rodriguez claimed that the contract authorized them to 90 days more because they were just waiting for the final approval of the NBA. An arbitration panel agreed, saying last month that Lore and Rodriguez they had the right to entertainment to complete the purchase of the teams.

The Panel decision, however, did not grant the tradition and immediate property of the teams. The approval process of the League, including one vote by the Board of Directors, is the next before tradition and Rodriguez officially take control of the organization.

What does this mean for wolves and lynx

This was a long and bitter battle for the control of the two teams between two parts that started as tight commercial partners but ended with a Knockdown drag-out combat that poured into the legal kingdom.

The transfer of power that should have been a regular and gradual process was exactly the opposite. Taylor has become skeptical about the finance of the Lore/Rodriguez group.

Lore and Rodriguez were infuriated that Taylor gave up his agreement to sell the teams when the value of the franchise substantially doubled in the three years since he initially accepted the sale.

Lore and Rodriguez won the struggle in arbitration and Taylor made the decision not to challenge the sentence to the Federal Court, a move that would have been long, expensive and, most likely, useless.

Now, a team that has been captured in limbo during a disordered divorce can go on with a real direction. In the last year, as the gap between the two parts grew, the staff of the front office, the coaches, the players and employees of the commercial team were blocked trying to serve two masters, uncertain about how everything would play.

Now, everyone can be satisfied with the idea that this will be the tradition and show of Rodriguez in the future. The two partners have ambitious plans to bring the wolves and Lynx to the next phase of their existence and, once approved by the League, they can start communicating those plans to seriously to provide a management to a group that has been captured in the middle for too long. – Jon Krawczynski, Minnesota Senior Writer

(Photo: Gene Sweeney Jr. / Getty Images)