Timberwolves sale to Alex Rodriguez falls through: Breakdown explained

This week witnessed unfolding drama surrounding the potential sale of the Minnesota Timberwolves and Minnesota Lynx. Glen Taylor, the owner of both NBA and WNBA franchises, announced on Thursday that the teams were "no longer for sale." Taylor asserts that prospective buyers Marc Lore and former MLB star Alex Rodriguez failed to meet their deadline to finalize the deal. Lore and A-Rod have countered, claiming they fulfilled their obligations and remain committed to completing the transaction.

Lore and Rodriguez had agreed to purchase a majority stake in the franchises for a reported $1.5 billion in 2021, with payments to Taylor arranged in installments. The acquisition was scheduled to close by Wednesday.

As stipulated in the agreement, Lore and Rodriguez were entitled to acquire an extra 20 percent stake in the franchises in 2022 and an additional 40 percent stake in 2023, effectively granting them majority ownership of the franchises.

During the transition phase, the relationship between Taylor and Lore and Rodriguez deteriorated. Despite Lore and Rodriguez obtaining the required investment to conclude the sale, Taylor's contention, as per ESPN, is that they failed to adhere to the deadlines specified in their agreement.


To elaborate, Taylor maintains that Lore and Rodriguez are ineligible for an extension due to the NBA's advisory/finance committee not completing its review of the final sale portion, the absence of board of governors' approval, and the non-exchange of funds, according to The Athletic.

Contrary to Taylor's stance, Lore and Rodriguez hold a different perspective. Their spokesperson, cited in The Athletic, expressed their disagreement with Taylor's assertions.


Lore and Rodriguez acquired a 40% ownership share of the franchises, with plans to increase their stake to 80% this week. In recent developments, the Carlyle Group withdrew a reported $300 million investment earlier this month. However, Lore and Rodriguez, the former New York Yankees star, reportedly secured backing from Dyal Capital Partners, another private equity firm, to fulfill their financial requirements. As per The Athletic, the consortium submitted financial documentation to the NBA last week in an effort to meet the deadline.

Currently, the Timberwolves boast a 51-22 record for the season, contending for the top spot in the Western Conference. Their recent move involved signing guard Mike Conley to a lucrative two-year, $20.8 million contract extension. Additionally, their payroll is anticipated to surge next season with the onset of extensions for star players Anthony Edwards and Karl-Anthony Towns.

Source CBS Sports : Timberwolves sale drama: Alex Rodriguez vows to continue fight after owner says NBA team is no longer for sale
Source Sporting News : Timberwolves sale to Alex Rodriguez, explained: Why agreement to sell franchise fell through