Report: Alex Rodriguez unable to close Timberwolves deal within window
Alex Rodriguez and tech entrepreneur Marc Lore reached an agreement earlier this year to buy the Minnesota Timberwolves, but they appear to have hit an obstacle while working to close the deal.
Rodriguez’s investment group had a 30-day exclusive window to negotiate a deal with current T-Wolves owner Glen Taylor. That time period has expired without a formal agreement in place, ESPN’s Brian Windhorst reports.
That does not mean the deal is dead, however. Windhorst was told the two sides are still negotiating in good faith and the window could be extended, though it has not been yet.
The purchase price of the team was reportedly expected to be in the $1.5 billion range, with Rodriguez and Lore becoming limited partners and buying larger shares of the team in the coming years. Windhorst reports that part of the negotiations included a guarantee that Taylor would transfer controlling ownership by a certain date.
While it does not sound like the deal is anywhere close to dead, it’s worth noting that Taylor has entered into other exclusive negotiating windows with parties that were interested in buying the Timberwolves in the past. Most recently, he negotiated with former Memphis Grizzlies minority owner Daniel Straus last year before the talks ended without a deal.
One T-Wolves rookie hilariously had no idea who A-Rod was as of last month (video here). If the deal falls apart, he may never have to know.