Sale Of Minnesota Timberwolves To Alex Rodriguez And Marc Lore Fails - CTN NEWS
(CTN News) - The Minnesota Timberwolves and Minnesota Lynx are no longer for sale after a deal with former baseball legend Alex................ The Minnesota Timberwolves and Minnesota Lynx are no longer for sale after a deal with Alex Rodriguez and Marc Lore fell through, according to owner Glen Taylor. The partners, who own 40% of the Timberwolves and are acquiring an additional 40% to own a majority interest in the team, had until Wednesday to close the deal, but could not secure financing. The Timberwolves and Lynx were set to be purchased by Rodriguez and Lore in May 2021 for $1.5 billion through a multi-part transaction. Since the original deal was signed, there has been a strain in the relationship between Taylor, Lore, and Rodriguez. The Wolves currently rank 28th in value with an estimated value of $2.94 billion.
Published : 4 weeks ago by Salman Ahmad in Sports
(CTN News) – The Minnesota Timberwolves and Minnesota Lynx are no longer for sale after a deal with former baseball legend Alex Rodriguez and businessman Marc Lore fell through, owner Glen Taylor announced Thursday.
Rodriguez and Lore’s ownership group had until Wednesday to close the deal, but could not secure financing. The partners own 40% of the Timberwolves and are acquiring an additional 40% to own a majority interest in the team.
The owner group stated in a statement that Taylor would continue working with Marc and Alex. By doing so, we will ensure our teams have access to the resources they need to compete at the highest level on and off the court. As of now, neither the Timberwolves nor the Lynx are for sale.
In accordance with the purchase agreement, closing was expected to take place on Wednesday, including a final payment of $600 million.
A limited extension may have been available to the buyer in certain circumstances. “However, none of these circumstances occurred,” the statement stated.
In a previous report, Axios reported that Rodriguez and Lore had reached a deal with private equity firm the Carlyle Group to provide financing. However, that agreement fell apart earlier this month.
The Timberwolves and Lynx were slated to be purchased by Rodriguez and Lore in May 2021 for $1.5 billion through a multi-part transaction that would take place in installments.
Since the original deal was struck, some reports indicate a strain in the relationship between Taylor, Lore, and Rodriguez.
Based on Sportico’s calculations, the Timberwolves rank 28th in value, with an estimated value of $2.94 billion. In light of the increase in the team’s valuation in recent years, it is understandable why Taylor may have second thoughts about selling the team.
In addition to being in second place in the Western Conference, the Timberwolves are having one of their finest seasons in franchise history. Taylor paid $94 million for the team purchase in 1994. During his Timberwolves ownership, the team had not won a championship.
Topics: Minnesota Timberwolves