Report reveals reason Glen Taylor backed out of Timberwolves sale
Glen Taylor has announced that he is no longer selling the Minnesota Timberwolves, and his decision may have something to do with the recent success of Glen Taylor, the majority owner of the Minnesota Timberwolves, has decided not to sell the team and the WNBA's Minnesota Lynx. This decision may be due to the recent success of the franchise. Taylor stated that the option for Alex Rodriguez and Marc Lore to acquire controlling interests in the two teams has expired. He claimed that the 90-day period for Rodriguez and Lore to close on the deal expired on Wednesday, and that Taylor's decision to abandon the sale was due to "sales of seller's remorse." The Timberwolves are currently a championship contender and have one of the best players in the NBA in Anthony Edwards.
Published : 4 weeks ago by Steve DelVecchio in Sports
Glen Taylor has announced that he is no longer selling the Minnesota Timberwolves, and his decision may have something to do with the recent success of the franchise.
In a stunning turn of events, Taylor issued a statement on Thursday saying the Timberwolves (as well as the WNBA’s Minnesota Lynx) are no longer for sale. Taylor said the option for Alex Rodriguez and Marc Lore to acquire controlling interests in the two teams has expired.
Taylor claims the 90-day period for Rodriguez and Lore to close on the deal expired on Wednesday. Rodriguez and Lore then issued a statement of their own saying they have fulfilled all obligations and that Taylor’s decision is “an unfortunate case of seller’s remorse.”
According to Ryan Glasspiegel of the New York Post, Rodriguez and Lore’s statement was accurate. Glasspiegel said he was told by a solid NBA source that Taylor got “cold feet” now that the Timberwolves are a championship contender and have one of the best players in the NBA in Anthony Edwards.
Taylor also reportedly believes the value of the Timberwolves has increased dramatically since he entered into an agreement with Rodriguez and Lore in 2021.
The Timberwolves entered Thursday with a record of 50-22. They are only a half-game back of the Denver Nuggets for first place in the Western Conference.
Taylor has been the majority owner of the Timberwolves since 1994. He agreed in 2021 to sell the franchise to Rodriguez and Lore for $1.5 billion paid out in three separate installments. Rodriguez and Lore made their first two payments and assumed a 40 percent stake in the Timberwolves. The third installment would have been for an additional 40 percent and given them an 80 percent stake.
A report earlier this month claimed Rodriguez and Lore had to quickly find a new financial backer for the final payment after their previous investor pulled out.
It seems inevitable that Taylor is headed for a legal battle with Rodriguez and Lore. For now, Taylor is maintaining control of the T-Wolves.
Topics: Basketball, Minnesota Timberwolves