The Minnesota Timberwolves' ongoing ownership dispute will have an initial mediation session on May 1st. 

Glen Taylor voided a deal to sell a majority stake in the Wolves to a group led by Marc Lore and Alex Rodriguez after he asserted they failed to meet contractual deadlines.

Lore and Rodriguez are disputing Taylor's position as they attempt to finalize their purchase of the Wolves. 

Lore and Rodriguez agreed to purchase the Wolves in 2021 at a valuation of $1.5 billion. The deal allowed them to purchase 20 percent of the team in July 2021, 20 percent more in 2022 and 40 percent more in 2023.

Players in the NBA playoffs will split a pool of $33.7 million this season with each team receiving shares based on how far they advance. This pool money represents an increase of 25 percent from last season.

The team payouts will range from $452,708, approximately $30,000 per player based on a 15-player roster, to potentially $12.1 million ($804,000 per player) for the NBA champion.

With the Boston Celtics finishing the regular season with the best record in the NBA, they get a team share of $844,000 at the very start of the playoffs. Each team in the first round receives a team share of $453,000, which increases to $552,000 for the second round and $923,000 for the Conference Finals. The losing team in the Finals will receive $3,692,000, while the winning team in the Finals will receive another $8,549,000

The NBA's exclusive negotiating window with Disney and Warner Bros. Discovery expires on Monday and sources tell CNBC that it will likely pass without a deal.

Both Disney and WBD are in active talks with the NBA to keep games on ESPN and TNT.

The NBA would like to bring in at least one new partner to serve as a flagship streamer.

Beginning on Monday, the NBA can open negotiations with Amazon, Apple, YouTubeTV, Peacock and Netflix, who have all had preliminary conversations about potential interest.

“We continue to have productive discussions with Disney and Warner Bros. Discovery on a renewal of our media deals,” a league spokesperson said in a statement to CNBC.

TNT has shown NBA games since 1988, while ESPN's deal with the league began in 2002.

The NBA is looking to double the $24 billion it generated from its previous media rights deal with Disney and Warner Bros. Discovery by adding new partners and charging more for rights.

Last year’s NBA playoffs was the most watched in 11 years across TNT, ABC, ESPN and NBA TV, according to Nielsen. 

Whereas David Stern presided over the NBA with multiple dynasty periods, Adam Silver's tenure has been marked by a number of measures focused on increasing parity. This season, there are 13 teams with between 44 and 49 wins. 

“I'm thrilled with the level of competition, and I think what fans ultimately want is to see great competition across the league,” Silver said following the Board of Governors meeting in New York on Wednesday afternoon.

“As to dynasties, I'm not anti-dynasty, but you want dynasties to be created to the extent possible with a level playing field. So, if teams draft well, developed players well, trade well, but in essence operate roughly within the same number of chips, so to speak.”

There have been five different champions over the past five seasons. The Denver Nuggets are considered the favorites in the West, while the East favorites, the Boston Celtics, would represent the sixth different champion in six years if they finally get over the hump.

“I get it, we have a tax system that creates some advantages for some teams, but I think then you want to see that management skill, the collective activity of those players rewarded,” Silver said. “That, to me, is a different kind of dynasty because then ... and you then can appreciate what’s happening on the floor and you don’t necessarily want to set out to artificially break up a team that’s been built that way.”

In the NBA's new system, it may become entirely cost prohibitive for lesser revenue teams to keep their core together over the long-term.

“To me, you can never predict what’s going to happen with the competition,” Silver said. “But what we set out to do, both with our collective bargaining system and frankly our revenue sharing system was to give all 30 teams an opportunity to compete, and if well managed, to have an ability to make a profit as well … that’s then what allows them to reinvest in the organization, build new facilities and grow the franchise.”

The NBA shared its latest salary cap projections for the 24-25 season, which remains unchanged from January at $141 million.

The luxury tax is projected at $172 million with the first apron at $179 million and second apron at $190 million.

Bobby Marks projects seven teams with cap space and 10 teams above either the first or second apron.

Glen Taylor will remain as controlling owner of the Minnesota Timberwolves after Marc Lore and Alex Rodriguez did not close on their option by the March 27th deadline.

Lore and Rodriguez agreed to purchase the Wolves in 2021 at a valuation of $1.5 billion. The deal allowed them to purchase 20 percent of the team in July 2021, 20 percent more in 2022 and 40 percent more in 2023.

Lore and Rodriguez were expected to have Dyal Capital Partners finance the final purchase. According to reporting from ESPN's Adrian Wojnarowski, the necessary financing had been secured by Lore and Rodriguez, but Taylor contends that they didn't meet contractual deadlines. Wojnarowski also reports that the relationship between Taylor and his successors, Lore and Rodriguez, had disintegrated since they agreed to the sale.

“I will continue to work with Marc, Alex and the rest of the ownership group to ensure our teams have the necessary resources to compete at the highest levels on and off the court,” said Taylor. “The Timberwolves and Lynx are no longer for sale.”

Jon Krawczynski of The Athletic confirmed that Taylor will not put the franchise back up for sale if he retains his controlling interest.

Sources also tell The Athletic that the purchase agreements calls for mediation and arbitration to resolve any disputes. Under terms of the agreement, Lore and Rodriguez will retain the 40 percent of the franchise they have already purchased.

Lore and Rodriguez released the following statement in response:

"We are disappointed with Glen Taylor's public statement today. We have fulfilled our obligations, have all necessary funding and are fully committed to closing our purchase of the team as soon as the NBA completes its approval process. Glen Taylor's statement is an unfortunate case of seller's remorse that is short sighted and disruptive to the team and the fans during a historic winning season."