A-ROD and MARC LORE FIRE BACK AT MINNESOTA TIMBERWOLVES OWNER GLEN TAYLOR

“We’re going to be the owners of the Minnesota Timberwolves,” Lore said. “It’s just a matter of time, and how much pain Glen wants to put the fans, the players, the town and community through. It’s his choice. It didn’t have to be this way.” Said Marc Lore

UPDATE: A-ROD and MARC LORE FIRE BACK AT MINNESOTA TIMBERWOLVES OWNER GLEN TAYLOR
Alex Rodriguez and Lore accused Glen Taylor of fabricating a story in order to back out of a deal that was no longer financially advantageous.

Lore and Rodriguez claim their front office moves, including hiring Timberwolves president Tim Connelly, has increased the team’s valuation while putting the club in position to be contenders in the long term. That’s part of why Taylor has seller’s remorse and is reneging on the deal, according to Rodriguez and Lore. Lore and Rodriguez claim Taylor has ordered team leadership to not speak with them. This includes everyone from Timberwolves CEO Ethan Casson down to the players.

They’re also not allowed to enter the franchise’s designated family room and certain parts of team facilities, according to them. Sportico reported earlier this week that the relationship between the Taylor and the buyers had soured in recent months. A source cited an owner’s suite that the pair built inside Target Center as an example of actions that bothered Taylor.

Rodriguez said that talk was distracting from the facts of their purchase agreement. “Think about it from our end: If we had an ironclad agreement, like we do, would we be talking about how Marc and Alex are more worried about the owners suite than making real [basketball] trades?” Rodriguez said. “It’s so _ childish. But you only do that when you don’t have any ground to sit on.”

Original Story:
Note - Don't feel bad for A-ROD and Marc Lore - they own 40% of the T-Wolves at a $1.5B valuation. The team is actually now worth north of $2.5B.

The press release from Taylor:

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.

"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," said Taylor. "The Timberwolves and Lynx are no longer for sale."

Marc Lore and Rodriguez do not agree. The statement from their spokesperson, via The Athletic:

"We are disappointed with Glen Taylor's public statement today. We have fulfilled our obligations, have 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 [sic] and disruptive to the team and the fans during a historic winning season."

The agreement stipulates that disputes like this are to be resolved by mediation and arbitration, according to The Athletic.

Lore and Rodriguez have purchased 40% of the franchises, and they were scheduled to bump their stake to 80% this week. Earlier this month, the Carlyle Group reportedly pulled a $300 million investment, but Lore and Rodriguez -- a former New York Yankees star -- reportedly secured Dyal Capital Partners, another private equity firm, to give them the backing they needed. The group submitted financial documents to the NBA last week in an attempt to meet the deadline, according to The Athletic.