A majority stake in Minnesota Timberwolves will no longer be sold to the ownership group being led by former baseball star Alex Rodriguez and Marc Lore, team owner Glen Taylor said in a press release from the team.
Per the release, the closing on the sale was required to take place within 90 days after the exercise notice issued by Lore and Rodriguez. That time frame expired on Wednesday.
A-Rod and Lore will continue to own 40 percent of the team, with Taylor retaining the controlling 60 percent.
“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 in the release. “The Timberwolves and Lynx are no longer for sale.”
It’s believed things headed south for Rodriguez and Lore when one of their key financial backers, the Carlyle Group, decided to withdraw.
Rodriguez and Lore have made two payments toward the $1.5 billion purchase of the Timberwolves, giving them a 20 percent ownership stake each time, per reports.
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