Alex Rodriguez's Bid To Buy Minnesota Timberwolves Falls Apart At The Last Possible Moment
Alex Rodriguez is not going to become the majority owner of the Minnesota Timberwolves after all. The former New York Yankees star partnered with Alex Rodriguez's bid to become the majority owner of the Minnesota Timberwolves fell apart at the last possible moment, after the deadline passed for Rodriguez and ex-WalMart CEO Marc Lore to complete the purchase expired on March 27, 2024. Despite reports that the deal had been finalized, Taylor and the Timberwolves confirmed that all talks were off after the closing deadline passed. The agreement stipulated that the buyer could have been entitled to a limited extension under certain circumstances.
Published : 4 weeks ago by Clay Sauertieg in Sports
Alex Rodriguez is not going to become the majority owner of the Minnesota Timberwolves after all.
The former New York Yankees star partnered with ex-WalMart CEO Marc Lore to acquire 40 percent of the franchise from owner Glen Taylor a year ago and were in talks to purchase the remaining 60 percent.
But now it appears those talks have died just as they were in on the verge of crossing the finish line.
Despite reports that the deal had been finalized, Taylor and the Timberwolves released a statement on Thursday revealing that all talks are off after the deadline passed for Rodriguez and Lore to complete the purchase.
“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,” the statement began.
“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.
“‘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.'”
Taylor did not state why talks broke down. He also did not say if either or which side pulled out of the deal. But it comes as a shock to anyone who’d followed the story.
Rodriguez attended several Timberwolves games within the last year. And recent reports claimed the deal was essentially done.
But nothing is complete until the ink is dry. And that clearly didn’t happen this time around.
Topics: Minnesota Timberwolves