NBA
TIMBERWOLVES SALES IS OFF to Alex Rodriguez & Marc Lore, NBA team 'no longer for sale'
A-ROD and Marc Lore Failed to Come Up With a Third Payment to Close Timberwolves purchase.
Mar 28, 2024
The Minnesota Timberwolves and Minnesota Lynx are no longer for sale, owner Glen Taylor announced Thursday, as Marc Lore and Alex Rodriguez were unable to come up with the final payment.
Original Lore and Rodriguez agreed to buy a majority stake in the franchises for a reported $1.5 billion in 2021, they arranged to pay Taylor in installments. The third payment of the acquisition was supposed to be paid by Wednesday. However, Lore and Rodriguez were unable to secure the financing they needed for the final payment.
PRESS RELEASE:
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."
