Alex Rodriguez’s deal to buy the Minnesota Timberwolves falls apart for missing payment
MLB former slugger Alex Rodriguez was trying to take up on majority control of the Minnesota Timberwolves, he was attempting to take over alongside Former MLB star Alex Rodriguez was attempting to take over the Minnesota Timberwolves, with businessman Marc Lore, who was also the former Walmart CEO. The payment date was supposed for this Thursday, but both Rodriguez and Lore missed it. The entire franchise, along with the Minnesota Lynx WNBA team, is no longer for sale. The closing was required to occur within 90 days after the exersise notice issued by Lore and Rodriguez, which expired on March 27, 2024. The owner, Glen Taylor, confirmed the decision to not sell the franchise, stating that the terms of the purchase agreement were not met.
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MLB former slugger Alex Rodriguez was trying to take up on majority control of the Minnesota Timberwolves, he was attempting to take over alongside businessman Marc Lore. But a new report from Joe Pompliano confirms that the payment date was due for this Thursday and both of them missed it. Effectively, a sale that seemed ready to happen collapsed and the entire franchise is no longer for sale. Alongside the Timberwolves, the Minnesota Lynx WNBA team are no longer for sale. Marc Lore is also the former Walmart CEO and he had been trying to purchase the entire franchise in order to become a majority owner. The two of them had already bought 40 percent of the franchise in 2021.
Alex Rodriguez fails to become the Minnesota Timberwolves’ majority owner
The plan to buy the other 40% of the franchise was already in the later stages, there was an optimistic outlook that this could happen but the deal completely fell apart on Thursday. Owner Glen Taylor was the one who communicated his decision to not sell the franchise to Rodriguez and Lore. He issued a statement through the Minnesota Timberwolves’ official website. According to the statement, the closing was required to occur 90 days after the exersise notice that was issued by Lore and Rodriguez. This 90-day period expired on March 27, 2024. Given that the terms of this purchase agreement were not met, that is the reason this fell apart.
The statement goes as follows: “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. 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.”
Chủ đề: Minnesota Timberwolves