An agreement was in place for Alex Rodriguez and Marc Lore to acquire a majority stake in the Minnesota Timberwolves and Lynx franchises. However, this agreement has now fallen through. Taylor Sports Group, Inc chairman Glen Taylor confirmed this development on Thursday, March 28th.
In an official statement from the Timberwolves organization, Taylor said, “The Timberwolves and Lynx are no longer for sale.” This statement came after a 90-day closing period for the sale expired on Wednesday, March 27th.
Taylor’s announcement arrived eight days after Shams Charania of The Athletic reported that Rodriguez and Lore “submitted signed financial documentation to NBA to complete [the] acquisition of majority controlling ownership” of the two franchises.
Considering the earlier developments, Taylor’s official statement marks an unexpected end to the saga of Rodriguez and Lore’s journey to become the controlling owners of the Timberwolves and Lynx.
Why are the Timberwolves and Lynx no longer for sale?
The Timberwolves and Lynx are indeed no longer for sale after the expiration of the option for Lore and Rodriguez to acquire controlling interest in the franchises.
In July 2021, the NBA formally approved the first 20 percent increment of a $1.5 billion sale of the franchises to Lore and Rodriguez. As per the terms of the agreement, Lore and Rodriguez had the right to purchase an additional 20 percent share of the franchises in 2022 and an additional 40 percent share in 2023.
This would have made the duo the franchises’ controlling owners. The Timberwolves are worth $2.5 billion, according to a Forbes valuation calculated in October 2023.
While Minnesota’s franchise value ranks 29th out of the league’s 30 teams, its valuation has increased by $1 billion since the sale was first approved in the summer of 2021.
Taylor, a Minnesota native, purchased the Timberwolves for $88 million in 1994. The Lynx franchise was founded in 1999.
