Ownership of the Minnesota Timberwolves no longer appears to be changing hands — at least, not to Alex Rodriguez and Marc Lore anytime soon.
It had long been reported that owner Glen Taylor was selling controlling interest of the Timberwolves and Lynx to a group led by Rodriguez and Lore.
But on Thursday, the team released a statement indicating that the sale was no longer pushing through.
Longtime Minnesota Timberwolves Owner Glen Taylor Is No Longer Selling The Team
Matt Stanton of the team’s official website spoke with Taylor as of Thursday morning. Taylor confirmed to him “the expiration of the option of Marc Lore and Alex Rodriguez to acquire controlling interest in the Timberwolves and Lynx.”
The purchase agreement between the two sides indicated that the deal was meant to be closed within a 90-day period of Lore and Rodriguez’s issuance of an exercise notice. The period lapsed on March 27, 2024 without a deal being ratified.
Lore and Rodriguez could have been entitled to a “limited extension” under certain circumstances. However, the statement indicated that the 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,” Taylor told Stanton. “The Timberwolves and Lynx are no longer for sale.”
Lore and Rodriguez had already been courtside constants during Timberwolves games.
Relationship Between Glen Taylor and Potential Minnesota Timberwolves Buyers Had Not Been Great
According to ESPN insider Adrian Wojanrowski, the relationship between Taylor and his primary buyers Rodriguez and Lore had “disintegrated” over a two-year span since a potential sale was first reported.
Lore and Rodriguez had also been able to successfully raise the necessary funds for the deal — a reported $1.5 million agreed upon in May 2021. However, Taylor’s side reneged on the deal due to the prospective buyers being unable to meet contractual deadlines.
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
Perhaps the newfound success of the Timberwolves has had an impact in Taylor’s change of heart. Minnesota on Wednesday became the fourth-fastest team to reach 50 wins this season, positioning themselves as a potential contender both this season and beyond.
2-time All-Star Anthony Edwards appears headed for superstardom in the years to come, if he isn’t already within the rarefied air that qualifies for it. The 22-year-old has been one of the breakout players this season and doesn’t appear to be slowing down.
