The Minnesota Timberwolves ownership situation has taken a dramatic and unexpected turn.
Glen Taylor said in an official statement on Thursday that the Timberwolves (as well as the WNBA’s Minnesota Lynx) are “no longer for sale.” Taylor, the owner of both franchises, said that the option for Alex Rodriguez and Marc Lore to acquire controlling interests in the two teams has expired.
The statement notes that closing of the deal was required within 90 days after the exercise notice issued by Rodriguez and Lore. That 90-day period lapsed on March 27. While the buyer could have been entitled to a limited extension under certain circumstances, those circumstances did not occur here, the statement adds.
“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,” Taylor said. “The Timberwolves and Lynx are no longer for sale.”
Taylor, who has been the majority owner of the Timberwolves since 1994 (and the Lynx since 1999) reached an agreement in 2021 to sell the team to the retired MLB legend Rodriguez and his business partner Lore. The deal, at a total valuation of $1.5 billion, was to be spread out over three separate installment payments. Rodriguez and Lore made the first two payments successfully, assuming a 20 percent ownership stake each time. However, the deal for the last 40 percent (which would have given them an 80 percent majority stake) has now fallen through. Thus, it appears that Rodriguez and Lore will keep a 40 percent stake while Taylor will retain the majority stake.
Adrian Wojnarowski of ESPN adds that the relationship between Taylor and the Rodriguez-Lore camp had “disintegrated” over the past two-plus years. While Rodriguez and Lore did raise enough money for a controlling interest, Taylor maintains that they failed to meet contractual deadlines throughout the transition, Wojnarowski says.
We heard roughly a week ago that Rodriguez and Lore had gotten a new financial backer to help fund the final payment that would have given them the majority ownership (after their previous investor backed out). But that part of the deal is now officially off in a very stunning twist.
