Alex Rodriguez and Marc Lore are giving their side of the Minnesota Timberwolves ownership drama.
The retired MLB great Rodriguez and his business partner Lore issued a statement Thursday in response to Glen Taylor’s announcement that the deal to transfer over majority ownership in both the Timberwolves and the WNBA’s Minnesota Lynx had collapsed. Rodriguez and Lore contended that they had met all necessary requirements to complete the deal and accused Taylor of having “seller’s remorse.”
“We are disappointed in Glen Taylor’s public statement today,” Rodriguez and Lore said through a spokesperson. “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,” the statement concluded.
Rodriguez and Lore had already acquired a 40 percent ownership stake in the Timberwolves and Lynx by paying Taylor in two separate installments pursuant to the deal that they had struck in 2021 (at a sizable valuation). However, a March 27 deadline for the final payment (which would have transferred another 40 percent to Rodriguez and Lore, giving them an 80 percent majority stake in total) has expired without closing, Taylor said.
There was a bit of recent drama amid Rodriguez and Lore having a financial backer for that last installment suddenly pull out on them, but the two were able to find a new investor in short order. Instead, it appears that the reason behind the collapse was Taylor’s reported frustration with supposed failures by Rodriguez and Lore to meet their contractual deadlines throughout the process. Still, it sounds like Rodriguez and Lore intend put up a fight here, either through a dispute resolution channel (like arbitration or mediation) or possibly even through the court system.
