The Minnesota Timberwolves will no longer be sold, leading to Alex Rodriguez and his partner Marc Lore relinquishing their plans to become controlling owners.
The current majority owner, Glen Taylor, confirmed this development in a statement from the team.
Rodriguez and Lore aimed to take over as controlling owners starting in 2022. They had already made two payments toward the $1.5 billion purchase price, giving them a 40 percent ownership stake. However, they missed a deadline for another payment, resulting in Taylor retaining controlling interest in both the Timberwolves and the WNBA’s Minnesota Lynx.
“I will continue to collaborate with Marc, Alex, and the rest of the ownership group to ensure our teams have the resources needed to compete at the highest levels both on and off the court,” Taylor stated in the release. “The Timberwolves and Lynx are no longer for sale.”
It remains uncertain whether Taylor’s decision is a negotiation tactic or if he genuinely intends to maintain majority ownership of the team. Occasionally, negotiations can be revisited, a common practice in sports and business.
The Timberwolves’ statement outlined the issue as follows:
“Under the terms of the purchase agreement, the closing was required to take place within 90 days following the notice issued by Lore and Rodriguez. This 90-day period expired on March 27, 2024.
“Under specific conditions, the buyer could have been eligible for a limited extension. However, those specific conditions did not occur.”
In essence, Rodriguez and Lore failed to meet the criteria for an extension to secure the required funds within the stipulated timeframe.
The Timberwolves have undergone a transformation since Taylor brought Rodriguez and Lore into the ownership group. Currently, they are contending for the top seed in the Western Conference standings. While it is unlikely that A-Rod contributed directly to this success, he can claim 40 percent of the ownership credit.
