Minnesota Timberwolves sale to Alex Rodriguez and Marc Lore falls apart
Alex Rodriguez and Marc Lore planned to acquire a majority stake in the NBA’s Minnesota Timberwolves and WNBA’s Lynx. The NBA's Minnesota Timberwolves and WNBA's Lynx are no longer for sale, according to teams' owner Glen Taylor. A deal with Alex Rodriguez and Marc Lore, who own 40% of the Timberwolves and were in the process of acquiring an additional 40% to have a majority stake, fell apart due to insufficient financing. The two men had reached an agreement to buy the franchises from Taylor in 2021 for $1.5 billion. The Timberwolves are currently the 28th most valuable NBA franchise, worth $2.94 billion.
Опубликовано : 4 недели назад от Jessica Golden,CNBC в
• The NBA's Minnesota Timberwolves and WNBA's Lynx are no longer for sale.
• A deal for baseball great Alex Rodriguez and businessman Marc Lore to buy the teams fell apart.
• They reached an agreement to buy the franchises from owner Glen Taylor in 2021.
The NBA's Minnesota Timberwolves and WNBA's Lynx are no longer for sale after a deal with former baseball great Alex Rodriguez and businessman Marc Lore fell apart, the teams' owner Glen Taylor said Thursday.
Rodriguez and Lore's ownership group had until Wednesday to close on the deal and failed to come up with the needed financing. The partners own 40% of the Timberwolves and were in the process of acquiring an additional 40% to have a majority stake.
"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 in a statement. "The Timberwolves and Lynx are no longer for sale."
Rodriguez and Lore had reached an agreement with Taylor in May 2021 to purchase the Timberwolves and Lynx for $1.5 billion.
The Timberwolves are the 28th most valuable NBA franchise, worth $2.94 billion, according to Sportico. The team is currently in second place in the Western Conference.
The NBA and Rodriguez did not immediately respond to requests for comment.
This story is developing. Please check back for updates.
Темы: Minnesota Timberwolves