Alex Rodriguez’s Minnesota Timberwolves Controversy Heats Up, Yankees Legend Accuses Glen Taylor of “Seller’s Remorse”
Alex Rodriguez and Marc Lore have hit back on Glen Taylor after the Minnesota Timberwolves owner called off their deal. Alex Rodriguez and Marc Lore, who own 40% of the Minnesota Timberwolves, have been accused of "selling "seller's remorse" after failing to secure a majority share in the team. The deal was supposed to be completed in installments in 2021, 2022, and 2023, with the group purchasing 20% in each case. However, a delay in buying another 40% has led to the deal being cancelled. This has angered Rodriguez and Lore, accusing owner Glen Taylor of failing to meet deadlines. This failure may have led to relationships souring between the Rodriguez-led group and Taylor. The NBA rejected a $300 million investment by the Carlyle Group last week, leading to Rodriguez-Led group scrambling for investment from Dyal Capital Partners. The potential court battle is expected to increase as a result.
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One of the greatest tragedies of baseball was Alex Rodriguez ending his career with 696 home runs. To be so close to touching that 700 mark (only 4 players have done so in history) but failing before it must be heartbreaking. However, it seems that series of “almosts” hasn’t ended for A-Rod. The baseball legend and Marc Lore have just missed their chance of gaining the majority share in the Minnesota Timberwolves. That has sent the two fuming as is visible from their released statement.
Rodriguez and Lore currently own 40% of the NBA franchise. The team which has seen a rebirth since the announcement of its sale was almost in their grips. However, multiple factors (or is it “seller’s remorse?”) have led to owner Glen Taylor calling off the sale. With the dreams of owning a sports team slowly floating away from A-Rod, it seems he isn’t ready to go down without a fight.
In 2021 Glen Taylor agreed to sell the Timberwolves and WNBA’s Minnesota Lynx to Rodriguez and his partner Marc Lore. The deal was to be completed in installments with the group buying 20% in 2021, 20% in 2022, and finally 40% in 2023. While the two purchased 40% of the shares for over $500 million, a delay in buying another 40% has led to the deal being called off. That has angered Rodriguez who has called this a “seller’s remorse” – via the New York Post.
“We are disappointed with Glen Taylor’s public statement today,” the partners said. “We have fulfilled our obligations, have all necessary funding, and are fully committed to closing our purchase of the team as soon as the NBA completes its approval process. Glen Taylor’s statement is an unfortunate case of seller’s remorse that is short-sighted and disruptive to the team and the fans during a historic winning season,” was the official comment by Rodrigeuz and Lore.
So what’s next? According to The Athletic’s Jon Krawczynski, the purchase agreement calls for arbitration and mediation during such disputes. While whether that will happen or not is another question, the comments of A-Rod suggest that the partners are looking at all available avenues to complete the sale. So how is it that a deal that was almost certain to happen has seemingly collapsed so spectacularly?
Constant failures to meet deadlines may have disappointed Glen Taylor
Last week the NBA rejected the $300 million investment by the Carlyle Group. That led to the Rodriguez-led group scrambling and finding necessary investment from the Dyal Capital Partners. However, that didn’t leave much time for the league to vet the investment from other potential partners. As a result, the 90-day period to make the payment ended and Taylor called off the deal.
According to the USAToday, Taylor had grown frustrated with the group’s constant failure to meet deadlines. The duo missed the December 2022 deadline to purchase 20% of the share. That became a constant as the Rodriguez-led group again failed to meet the December 2023 deadline. This failure along with the group’s failure to properly gel with the management led to relationships souring between Taylor and them.
So now with a potential court battle to follow, this story is bound to get more heated. Would this be another “almost” for A-Rod or will he succeed?
Tematy: Baseball, MLB, New York Yankees, Minnesota Timberwolves