In a shocking turn of events, Minnesota Timberwolves Majority Governor Glen Taylor announced that the franchise was no longer for sale after Alex Rodriguez and Marc Lore’s option to finalize the team’s acquisition expired.
“I will continue to work with Marc, Alex and the rest of the owning organization so that our organizations have the resources they need to compete at the highest point on and off the field,” Taylor said. “The Timberwolves and Lynx are no longer for sale. “
Rodriguez and Lore later released a statement expressing their sadness at the news:
Spokesperson with Marc Lore and Alex Rodriguez: pic. twitter. com/z04aFjSqWB
Rodriguez and Lore struggled to finalize the financing to complete the purchase. The duo lost backing from private equity firm Carlyle earlier this month but found a new backer in Dyal Capital last week.
However, with a week to go before finalizing the investment design, it appears that the organization that owns Rodriguez-Lore has not made its final payment by Wednesday’s deadline. As a result, Taylor withdrew from the deal and will remain the principal owner.
ESPN’s Adrian Wojnarowski reported that Taylor’s appointments with his long-term successors had “disintegrated” over the past two years. It’s unclear exactly what led to tensions between the two sides.
If Rodriguez and Lore had the financial backing until March 27, it is conceivable that this scenario would become even more controversial. Wojnarowski reported that “Taylor claims they missed contractual deadlines throughout the transition,” but details were not released. .
The parties agreed to a one-time power transition in 2021 in which Rodriguez and Lore would be minority investors in the franchise with the goal of activating a majority stake at a later date. The final sale would have given the new owners an 80% stake in the property. Wooden wolves.
As it stands, Rodriguez and Lore own 40 units of the team.
The Timberwolves are halfway through their season in more than 20 years and are in second place in the Western Conference 50-22 lately.