Timberwolves Ownership Mediation

Settlement Reached in Glen Taylor Timberwolves Ownership Lawsuit

Glen Taylor, the longtime owner of the Minnesota Timberwolves, has reached a settlement with minority owners who sued him over the team's sale to a group led by Marc Lore and Alex Rodriguez. The terms of the settlement were not disclosed, but it is believed to be in the range of $10 million to $20 million. The lawsuit was filed in 2021 by minority owners Meyer Orbach and Jim Pohlad, who alleged that Taylor had breached his fiduciary duty to them by selling the team without giving them a fair opportunity to buy it themselves.

The settlement is a major victory for Taylor, who has been trying to sell the Timberwolves for several years. The team has been struggling financially in recent years, and Taylor has been eager to cash out his investment. The settlement also removes a major obstacle to the sale of the team to Lore and Rodriguez, who are expected to close on the deal in the coming weeks.

Details of the Settlement

The terms of the settlement are confidential, but sources say that it includes a payment of $10 million to $20 million to Orbach and Pohlad. The settlement also includes a release of all claims against Taylor, and it prevents Orbach and Pohlad from challenging the sale of the team to Lore and Rodriguez.

Impact of the Settlement

The settlement is a major victory for Taylor, who can now move forward with the sale of the Timberwolves without the threat of a lawsuit. The settlement also removes a major obstacle to the sale of the team to Lore and Rodriguez, who are expected to close on the deal in the coming weeks.

The settlement is also a victory for the Timberwolves, who will now have a new ownership group that is committed to investing in the team and making it a contender. Lore and Rodriguez are both successful businessmen with a track record of success in sports. They are expected to bring a new level of excitement and energy to the Timberwolves, and they are confident that they can turn the team into a winner.