Credit: Kiyoshi Mio-USA TODAY Sports

Report: Glen Taylor unsure if A-Rod, Lore will meet payment deadline

Originally posted on FanNation All Timberwolves | Last updated 3/19/24

Is there one more twist in the protracted takeover of the Minnesota Timberwolves?

Marc Lore and Alex Rodriguez are one payment away from taking majority ownership of the Minnesota Timberwolves and Lynx from Glen Taylor, but are reportedly in search of investors to help facilitate half of a final $600 million outlay.

That's according to Taylor himself, who spoke with longtime Twin Cities sports reporter David Shama.

“They had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them,” Taylor told Shama. “They have to go out and find new revenue. That I do know. I don’t know if they found it or what they’re going to do. We haven’t seen the schedule of ownership yet.”

The Athletic's Jon Krawczynski reported on March 2 that the deadline for Lore and Rodriguez to make their final payment "has always been the end of March." He reported that after other reports suggested they missed the deadline for their final installment.

But Krawczynski reported then that "they remain on track to complete" the final payment by the end of March deadline.

How this process works:
- Lore/Rodriguez had until 12/31 to exercise the option to buy the 3rd piece for majority control.
- They exercised that option in Dec, which gives them until end of March to buy it.
- They closed their 2nd piece on 3/28 last year. Same timeline
— Jon Krawczynski (@JonKrawczynski) March 2, 2024

KSTP-TV's Darren Wolfson reported in late February that there was a belief that Lore and Rodriguez needed "raise more capital," which he suggested "shouldn't be super hard."

Rodriguez and Lore began the process in July 2021 to become majority owners of the Wolves and Lynx. The duo's second payment to Taylor, a reported sum of $290 million in March 2023, brought their total stake in the basketball franchises to 40%.

Charley Walters of the Pioneer Press claimed in his Feb. 24 column that Rodriguez and Lore might only wind up owning 24% because of significant backing from outside investors. Walters says Rodriguez and Lore will still hold the power to make decisions, but their official ownership stake could be well shy of the 80% that initially forecast.

Lore and Rodriguez agreed to purchase the Timberwolves and Lynx from Taylor at a $1.5 billion valuation, with Taylor reportedly set to hold onto 20% when all is said and done.

Note: In Shama's column, he also says Lore and Rodriguez could look to build a new arena and they may be targeting the site of the Minneapolis Farmer's Market at 312 E. Lyndale Ave. N.

This article first appeared on FanNation All Timberwolves and was syndicated with permission.

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