In a surprising turn of events, the owner of the Minnesota Timberwolves and the Lynx, Glen Taylor, announced that the sale of 40% of the two franchises to Marc Lore and Alex Rodriguez, a former MLB star, has fallen through. “The 90-day period for the final purchase has ended, and the two teams are no longer for sale.”
It seemed like only a matter of time before the Minnesota Timberwolves and the Lynx would officially transition to being owned by Marc Lore and Alex Rodriguez. However, unexpectedly, the majority ownership of the two franchises will remain with Glen Taylor, who declared that the teams are no longer up for sale.
Lore and Rodriguez failed to meet the conditions to acquire 40% of the two franchises and become majority owners within the agreed 90-day timeframe, which expired on March 27, 2024. “Under certain circumstances, the buyer could have been granted an extension. However, those circumstances did not occur,” stated the official Timberwolves website.
“I will continue to work with Marc, Alex, and the rest of the ownership group to ensure that our teams have the necessary resources to compete at the highest levels on and off the court,” said Taylor, emphasizing that “the Timberwolves and the Lynx are no longer for sale.” In effect, Lore and Rodriguez, who have frequently attended games courtside and have been heavily involved in franchise decisions (including the hiring of front office head Tim Connelly), will remain as minority owners. However, it’s possible that, having failed in their bid for majority ownership, they may sell the 40% of shares they acquired in 2021 for a total valuation of $1.5 billion.
According to ESPN’s Adrian Wojnarowski, the failed purchase stems from the “fractured” relationship between Taylor and the two buyers in recent years. Lore and Rodriguez had the funds to complete the purchase, but according to Taylor, they failed to meet certain contractual deadlines during the transaction.