MINNEAPOLIS, MINNESOTA – After much anticipation and negotiations, the Minnesota Timberwolves and Minnesota Lynx are no longer up for sale. Owner Glen Taylor announced on Thursday that prospective buyers Marc Lore and Alex Rodriguez failed to meet the deadline to close the deal, resulting in the franchises staying under Taylor’s ownership.
Lore and Rodriguez had initially agreed to purchase a majority stake in the franchises for a reported $1.5 billion in 2021, with payments to Taylor set to be made in installments. However, the acquisition was expected to close by Wednesday, but the deadline was not met by Lore and Rodriguez.
In a statement released by Taylor, he confirmed the expiration of Lore and Rodriguez’s option to acquire a controlling interest in the Timberwolves and Lynx. Despite the potential for an extension under certain circumstances, the closing did not occur as outlined in the purchase agreement.
Taylor expressed his commitment to working with Lore, Rodriguez, and the rest of the ownership group to ensure that the teams have the necessary resources to compete at the highest levels both on and off the court. As a result, the Timberwolves and Lynx are no longer on the market for sale.
The relationship between Taylor and Lore, Rodriguez deteriorated during the transition period, with Taylor asserting that the deadlines specified in their agreement were not met. Lore and Rodriguez, on the other hand, maintained that they fulfilled their obligations, had the required funding, and were ready to finalize the purchase pending NBA approval.
Disputes like this are to be resolved through mediation and arbitration, according to the agreement between the parties. Lore and Rodriguez had already purchased 40% of the franchises and were set to increase their stake to 80% before the deal fell through.
Despite the ownership uncertainty, the Timberwolves continue to perform well on the court, boasting a 50-22 record and vying for the top seed in the Western Conference. The potential ownership change comes at a critical time for the team as they prepare for significant financial commitments in player extensions.