Alex Rodriguez’s partner offers update on Timberwolves negotiations
A prospective ownership group that includes Alex Rodriguez still has not sealed a deal to purchase the Minnesota Timberwolves, but is still sounding a note of optimism as negotiations continue.
The 30-day exclusive negotiating window for Rodriguez’s group ended without a deal, allowing other interested parties to get back into the picture. A member of the group, Marc Lore, insisted that talks with Timberwolves owner Glen Taylor are “ongoing, and going well.”
“We’re getting close to the finish line,” Lore told Matthew Boyle of Bloomberg.
It makes sense for Lore to maintain that everything is on track, whether it is or not. Now that the exclusive window has closed, other interested parties are trying to get involved in the bidding again, which the A-Rod group surely does not want.
Reports have indicated that the purchase price for the Timberwolves could land somewhere in the $1.5 billion range. Rodriguez and Lore would become limited partners initially, with plans to purchase larger shares of the franchise in years to come.