Is Marc Lore, Alex Rodriguez Timberwolves Purchase in Danger of Falling Apart?
Majority ownership of the Minnesota Timberwolves is in the process of being sold by long time owner, Glen Taylor, to an ownership group centered around former MLB superstar, Alex Rodriguez, and business tycoon, Marc Lore, who now own 40% of both the Wolves and Lynx.
Lore and A-Rod’s acquisition of the Timberwolves is being done in chunk payments (usually 20%) and their power within the franchise gradually grows along with their ownership stake. When the dust settles, the new ownership group will have paid Glen Taylor $1.51 billion; an amount that now looks like a clearance rack bargain, after the Suns sold for a clean $4 billion back in December, 2022.
Next Marc Lore, Alex Rodriguez Timberwolves payment due date likely to be extended
But in recent weeks, questions have risen, yet again, surrounding whether or not Marc Lore and Alex Rodriguez Timberwolves purchase will make it to the finish line, after yet another delay. They have another 20% payment option that needs to be exercised by December 31 and fulfilled in late-March, a purchase that would make Rodriguez and Lore majority owners of the organization.
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That’s not going to happen, though. Glen Taylor confirmed this week, in a conversation with Darren “Doogie” Wolfson (KSTP, SKOR North), that the due date will likely be pushed back into summer 2024, due to another extension request by Lore and A-Rod.
“Glen [Taylor] went on the record that he anticipates the deadline, yet again, getting pushed back.”
“It might be July, it might be August… We thought the transition would happen during this season. But at this point, for the duration of the season, it certainly appears as if Glen Taylor will be the majority owner.”
Darren Wolfson – Mackey & Judd (SKOR North)
This extension will be the 2nd-straight the new ownership group has asked for and been granted. That means this next one will make them 2 for 2 in extension requests, since making their original 20% payment.
The possibility that Lore and A-Rod might request an extension for this most recent payment was first reported weeks ago by the same guy who got Taylor to go on the record about it this week, the aforementioned Darren Wolfson, had multiple reliable sources reach out unprompted, with hints at an upcoming extension, along with doubts that the deal will go through at all.
Is Minnesota Timberwolves sale to A-Rod/Lore in Jeopardy?
So that begs to question… should we being paying close attention to whether or Marc Lore and Alex Rodriguez Timberwolves purchase will ever get done? Well, if that happened, Taylor would get all of his shares back and likely put the organization back on the market. If that were to happen, he’d probably net double what he’s agreed to with this group.
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That’s why I personally believe he has either gone soft, in his old age, or that he’s moving slowly into senility and just doesn’t care anymore. A right-minded owner would have pulled out of this deal months, if not years ago. But, it doesn’t look like that is going to happen.
In all likelihood, A-Rod and Lore will eventually make the payments they have due and complete their purchase of the Minnesota Timberwolves and Lynx. Why? Because Taylor is bullheaded about selling to this ownership group, no matter what. And, as he’s already proven, Glen is willing to offer flexibility, when needed.
In all likelihood Marc Lore, Alex Rodriguez Timberwolves purchase will get done.
As for the Rodriguez/Lore ownership group, they’ll find a way to get the deal done, according to Doogie (below). Because, as mentioned earlier, the bargain is too let pass by. Obviously, A-Rod and Lore do not want to give up any shares that they do not have to give up and that’s likely why these payments continue to get pushed back.
But they’ve already brought in additional investors and, if forced to again, could easily find more who would be more than happy to get their hands into such a sure-fire investment. One that probably doubles in value immediately after the sale is made final.
“Marc [Lore], Alex [Rodriguez], investors know how great of a deal that is. If they need to bring in more investors, I’m positive they can. Do I think, ultimately, it gets to the finish line? I do. But has it been wonky? Have their been concerns? Absolutely.”
Darren Wolfson – Mackey & Judd (SKOR North)
So, there’s probably nothing to worry about, if you’re a Minnesota fan that wants to see this Marc Lore, Alex Rodriguez Timberwolves deal go through. But, if you are one of the many Rodriguez haters out there, it could be months before your favorite team switches majority owners… if that makes you feel any better?
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Eric Strack | Minnesota Sports Fan
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