Photo credit: Sportico.com
Minnesota Timberwolves sale to Alex Rodriguez, Marc Lore collapses
Glen Taylor will retain majority ownership of the Minnesota franchises. The Minnesota Timberwolves and Minnesota Lynx are off the market as prospective buyers Marc Lore and Alex Rodriguez missed their deadline to finalize the deal. Initially agreeing to purchase a majority stake for $1.5 billion in 2021, Lore and Rodriguez were to pay Taylor in installments, with the acquisition expected to conclude by Wednesday.
The press release indicated:Glen Taylor, Chairman of Taylor Sports Group, Inc., the general partner of Minnesota Timberwolves Basketball Limited Partnership ("Timberwolves and Lynx"), this morning confirmed the expiration of the option of Marc Lore and Alex Rodriguez to acquire controlling interest in the Timberwolves and Lynx. Under terms of the purchase agreement, the closing was required to occur within 90 days following the exercise notice issued by Lore and Rodriguez. That 90-day period expired on March 27, 2024. Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur.
Taylor said :
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"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," said Taylor. "The Timberwolves and Lynx are no longer for sale."
Lore and Rodriguez initially acquired a 40 percent ownership share in the franchises, with plans to increase it to 80 percent this week. Despite a reported withdrawal of a $300 million investment from the Carlyle Group, they secured backing from Dyan Capital Partners. Financial documents were submitted to the NBA last week in a bid to meet the deadline.
According to sources, the rapport between Taylor and his successors, Lore and Rodriguez, deteriorated over the past couple of years. Lore and Rodriguez did manage to raise funds required for the acquisition, but Taylor argues they consistently missed contractual deadlines during the transition.
Meanwhile, the Timberwolves, currently at a 50-22 record, are vying for the top seed in the Western Conference. They recently extended guard Mike Conley's contract and face a substantial payroll increase next season due to extensions for stars Anthony Edwards and Karl-Anthony Towns.
Source NBA Statement on Minnesota Timberwolves and Lynx Ownership
Source CBS Sports Timberwolves sale falls apart: Alex Rodriguez, Marc Lore fail to close deal, NBA team 'no longer for sale'
Source : Twitter
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March 28 | 2 answers Minnesota Timberwolves sale to Alex Rodriguez, Marc Lore collapses Do you believe the Duo will remain in the ownership group of the Timberwolves for years to come? | ||
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