Glen Taylor, chairman of Taylor Sports Group, Inc, has confirmed the unexpected end to the saga of Alex Rodriguez and Marc Lore’s bid for the Minnesota Timberwolves and Lynx franchises. The deal for a majority stake, once on the brink of completion, has fallen through.
In an official statement released by the Timberwolves, Taylor declared, “The Timberwolves and Lynx are no longer for sale,” following the expiration of a 90-day closing period for the sale, which ended on Wednesday, March 27.
Taylor’s announcement comes as a surprise, especially after recent reports from The Athletic’s Shams Charania indicated that Rodriguez and Lore had submitted all required financial documentation to the NBA to finalize their acquisition of majority controlling ownership of the two franchises.
Why the Timberwolves and Lynx are no longer for sale
Under the terms of the purchase agreement, the closing was mandated to take place within 90 days following an exercise notice issued by Lore and Rodriguez. Unfortunately, the 90-day period expired without the completion of the sale.
While there was a possibility of a limited extension under certain circumstances, those circumstances did not materialize.
In July 2021, the NBA had officially approved the initial 20 percent increment of the $1.5 billion sale of the franchises to Lore and Rodriguez. The agreement outlined that Lore and Rodriguez had the option to acquire an additional 20 percent share in 2022 and an additional 40 percent share in 2023, thus securing their position as the franchises’ controlling owners.
In response to Taylor’s announcement, Rodriguez and Lore expressed their disappointment, stating, “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.”
They further described Taylor’s statement as “seller’s remorse,” calling it “short sighted and disruptive to the team and the fans during a historic winning season.”
The Timberwolves, valued at $2.5 billion according to Forbes’ October 2023 valuation, have seen a significant increase in worth since the initial sale approval in 2021. Despite being ranked 29th in franchise value among the league’s 30 teams, the Timberwolves’ value has surged by $1 billion.
Taylor, a native of Minnesota, had purchased the Timberwolves for $88 million back in 1994, while the Lynx franchise was founded in 1999. The sudden turn of events leaves fans, investors, and the franchise itself in a state of uncertainty and disappointment.
