The sale of the Minnesota Timberwolves will not proceed as planned, resulting in Alex Rodriguez and his partner Marc Lore abandoning their aspirations of taking control as predominant stakeholders.
This development was confirmed by the current principal owner, Glen Taylor, in an official statement released by the team.
The objective of Rodriguez and Lore was to assume leadership as controlling proprietors commencing in 2022. They had already submitted two payments towards the $1.5 billion acquisition cost, granting them a 40 percent ownership share. However, due to missing a deadline for a subsequent payment, Taylor will maintain control over both the Timberwolves and the WNBA’s Minnesota Lynx.
“I will continue to collaborate with Marc, Alex, and the other members of the ownership consortium to ensure our franchises possess the necessary resources to compete at the highest level, both on the court and off,” stated Taylor in the released statement. “The Timberwolves and Lynx are officially off the market.”
It is uncertain whether Taylor’s decision is a strategic move in negotiations or a genuine choice to retain majority ownership. Reviving negotiations is not uncommon in the realms of sports and business.
The Timberwolves’ official communication detailed the matter as follows:
“As per the conditions of the sale agreement, the finalization was mandated to occur within 90 days subsequent to the notice served by Lore and Rodriguez. This 90-day window expired on March 27, 2024.”
“Under certain circumstances, the buyer could have qualified for a limited extension. However, those specific circumstances did not come to pass.”
Essentially, the duo of Rodriguez and Lore did not fulfill the prerequisites for an extension to secure the necessary funds within the specified timeframe.
Since Taylor integrated Rodriguez and Lore into the ownership echelon, the Timberwolves have experienced a makeover. They are presently in contention for the top spot in the Western Conference standings. While Rodriguez’s direct contribution to this triumph is doubtful, he is entitled to 40 percent ownership recognition.
