The Minnesota Timberwolves and Minnesota Lynx will not be changing ownership after all, as current owner Glen Taylor announced that the sale to prospective buyers Marc Lore and Alex Rodriguez has fallen through.
Lore and Rodriguez had agreed to purchase a majority stake in the franchises for $1.5 billion in 2021, with payments to be made in installments. The acquisition was set to close on Wednesday, but the deadline came and went without the deal being finalized.
Taylor confirmed that Lore and Rodriguez’s option to acquire controlling interest in the Timberwolves and Lynx has expired. The relationship between the current owner and the prospective buyers reportedly soured during the transition period.
However, Lore and Rodriguez maintain that they have fulfilled their obligations and have the necessary funding to complete the purchase once NBA approval is secured. Disputes between the parties will be resolved through mediation and arbitration as stipulated in the agreement.
The duo had already purchased a 40% stake in the franchises and were scheduled to increase their ownership to 80% this week. They recently secured backing from Dyal Capital Partners after Carlyle Group pulled out a $300 million investment.
Meanwhile, the Timberwolves are enjoying a successful season, currently boasting a 50-22 record and vying for the top seed in the competitive Western Conference. The team’s payroll is expected to increase next season with contract extensions for rising stars like Anthony Edwards and Karl-Anthony Towns.
Despite the failed ownership change, the future looks bright for the Timberwolves and Lynx both on and off the court. Stay tuned to Forever Sports Online for more updates on this developing story.
“Prone to fits of apathy. Devoted music geek. Troublemaker. Typical analyst. Alcohol practitioner. Food junkie. Passionate tv fan. Web expert.”