Glen Taylor announces that Timberwolves are no longer for sale
The Minnesota Timberwolves will evidently remain in the control of owner Glen Taylor, after he announced Thursday that a deal where Marc Lore and former baseball star Alex Rodriguez would have acquired the controlling stake in the team has expired. The Minnesota Timberwolves are no longer for sale, according to owner Glen Taylor. The deal involving Marc Lore and Alex Rodriguez, who were part owners of the Timberwolves and the Minnesota Lynx, had expired after 90 days of a purchase agreement expired. Taylor had agreed to sell the Timberwolves for $1.5 billion in 2021, starting by acquiring 20 percent of the franchise. The purchase was part of a process designed to allow Taylor to mentor Lore and Rodriguez on ownership of NBA and WNBA franchises. The closing of the deal was required to occur within 90 days, but an extension could have been offered.
Published : 4 weeks ago by The Associated Press, Peter Cox in
The Minnesota Timberwolves will evidently remain in the control of owner Glen Taylor, after he announced Thursday that a deal where Marc Lore and former baseball star Alex Rodriguez would have acquired the controlling stake in the team has expired.
A statement from the ownership group says there was a purchase agreement in place, that required closing to occur within 90 days. But that 90 day period expired Wednesday.
Taylor agreed to sell the Timberwolves for $1.5 billion in 2021 to Lore and Rodriguez, who then began the purchase by acquiring 20 percent of the franchise. Lore became Walmart’s e-commerce chief in 2016; Rodriguez has become an investor in a variety of businesses since, plus is a trustee at the University of Miami.
For the last few years, Rodriguez and Lore, who are part owners of the Timberwolves and the Lynx, had been looking to acquire a controlling interest in the Timberwolves from majority owner Glen Taylor.
It was, by design, a drawn-out process in part so Taylor could mentor Lore and Rodriguez on what's involved in ownership of NBA and WNBA franchises; the Minnesota Lynx were also to be part of the deal.
The closing of the deal was required to happen by Wednesday — and Taylor said Thursday that “under certain circumstances” a limited extension could have been offered. That did not happen, and for now, the Timberwolves are no longer for sale.
“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 purchased the team in 1994 for $88 million, doing so at the time in part to keep the franchise from relocating to New Orleans or elsewhere.
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Topics: Minnesota Timberwolves