Minnesota Timberwolves Sale Falls Through
The Minnesota Timberwolves are no longer for sale, says a press release via majority owner, Glen Taylor, who has been firing off warning shots for weeks at the new incoming ownership group, who had reportedly been less and less communicative with Taylor in recent months.
Update on sale process with Wolves and Lynx: pic.twitter.com/YIX3uweTdH
— Darren Wolfson (@DWolfsonKSTP) March 28, 2024
Minneapolis/St. Paul – 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.”
Statement from Minnesota Timberwolves
Even after a rocky path to this point, most thought Mark Lore had saved the day when it was reported recently that he had found a new investor group to foot the $300 million needed to get the deal pushed over the finish line.
But according to up-to-the-minute reporting by the NBA’s biggest insiders, who were outscooped by our favorite local insider, Darren “Doogie” Wolfson, the relationship between Taylor and the new ownership group started deteriorating two years ago. All parties have released statements on their version of the events that led to this deal crumbling.
The relationship between Taylor and his successors – Lore and Rodriguez – disintegrated over the past two-plus years, sources tell ESPN. Lore/Rodriguez did raise money necessary to purchase controlling interest, but Taylor contends that they didn’t meet contractual deadlines…
— Adrian Wojnarowski (@wojespn) March 28, 2024
Statement from spokesperson on behalf of Marc Lore and Alex Rodriguez, reading in part: "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." pic.twitter.com/QyotXmkRTP
— Shams Charania (@ShamsCharania) March 28, 2024
This is a breaking, developing story and this article will be updated as new information comes through
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