Panel rules for Lore, Rodriguez in sale of Timberwolves - ESPN

In a split decision announced Monday, a three-person arbitration panel has sided with prospective Minnesota Timberwolves and Lynx owners Marc Lore and Alex Rodriguez in a sales contract dispute against current owner Glen Taylor, allowing them to continue the process to become the majority ownership group.

The ruling sets up a high-stakes vote among fellow NBA owners to decide control of the franchise. The board of governors vote is expected to be timed with the close of sale and final payments.

The arbitrators determined Taylor had violated terms of the sales agreement when he announced last March 28 that Lore and Rodriguez had missed a deadline for a $600 million payment that would've secured an 80% majority control of the teams. Taylor had agreed to sell to Lore and Rodriguez in 2021 for a $1.5 billion valuation with the purchase coming in three steps.

Lore and Rodriguez disputed Taylor's interpretation of the contract and believed they had the right to a 90-day extension, and the matter went to arbitration, which took place in a weeklong hearing in November. The investors had already bought about 36% of the team for more than $500 million in two previous transactions.

In documents since submitted to the NBA league office, Lore and Rodriguez showed they have raised an additional $950 million and placed it in an escrow account and are ready to finish the purchase and operate the teams, sources told ESPN. To help fund the deal, they have added billionaire former New York City mayor Michael Bloomberg and former Google CEO Eric Schmidt as partners, among others.

However, no team can change hands until at least 23 of the 30 current governors approve a transfer. Usually a formality, this vital step would require the NBA's