Glen Taylor has announced through a team statement that he will remain the majority owner in the Timberwolves and Lynx franchises, the team’s PR department tweets.
Taylor confirmed the expiration of the option of Marc Lore and former baseball star Alex Rodriguez to purchase controlling interest in the team.
Under the terms of the purchase agreement, according to the statement, the closing was required to occur within 90 days following the exercise notice issued by Lore and Rodriguez. That 90-day period expired on Wednesday.
Taylor will retain approximately 60 percent of the franchises with Lore and Rodriguez holding an approximate 40 percent stake in the franchise.
Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur, the statement adds.
“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 said on the statement. “The Timberwolves and Lynx are no longer for sale.”
Last week, Lore and Rodriguez reportedly had found new financial backing to complete the purchase. A previous report indicated that the sale proceedings were disrupted when the Carlyle Group chose to withdraw.
Lore and Rodriguez were supposedly able to replace the firm with Dyal Capital Partners but apparently that was not enough to finish the sale.
Since 2021, Lore and Rodriguez have been involved in the purchase of the Wolves for $1.5 billion on a multi-phase payment plan. They have made two payments so far — giving them a 20 percent stake each time for a total of 40 percent.
They exercised their option in December for the final 40 percent of the purchase, NBA insider Shams Charania adds. That began a 90-day window to submit the required documents and commitment letters to finalize the deal.
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