Minnesota Timberwolves and Minnesota Lynx are no longer for sale, owner Glenn Taylor announced on Thursday, according to Taylor, prospective buyers Mark Lore and Alex Rodriguez did not meet the deadline to close the deal. When Lohr and Rodriguez agreed to buy a majority stake in the owners for a reported $1.5 billion in 2021, they arranged to pay Taylor in installments. The acquisition is expected to close on Wednesday.
Taylor's press release:
Taylor Sports Group, Inc., the general partner of the Minnesota Timberwolves Basketball Limited Partnership (“Timberwolves and Lynx”). President Glen Taylor confirmed this morning the expiration of the wills of Marc Lore and Alex Rodriguez, controlling interest in the Timberwolves. and lynx.
Under the terms of the purchase agreement, Lore and Rodriguez are required to close within 90 days following the exercise notice. That 90-day period expired on March 27, 2024.
In certain circumstances, the buyer may be entitled to a limited extension. However, those circumstances did not occur.
“I will continue to work with Mark, Alex and the rest of the ownership team to make sure our teams have the resources they need to compete at the highest levels on and off the court,” Taylor said. “Timberwolves and Lynx are no longer for sale.”
Taylor's relationship with Lohr and Rodriguez strained during the transition period, and although Lohr and Rodriguez had secured the necessary investment to complete the sale, Taylor's position was that they had not met the deadlines set forth in their contract. According to ESPN.
More specifically, Taylor's position is that Lore and Rodriguez are not eligible for an extension because the NBA's advisory/finance committee did not review the final portion of the sale, the board of governors did not approve it, and the money did not move. According to athletics.
Lorre and Rodriguez disagree. In a statement issued by their spokesperson, By athletics:
“We are disappointed by Glenn Taylor's public statement today. We have met our obligations, secured the necessary financing and are committed to fully completing the purchase of the team once we complete the NBA approval process. Glenn Taylor's statement is unfortunate for the seller. Short-sighted regret. [sic] A historic winning season would be disruptive to the team and the fans.”
According to The Athletic, the contract specifies that such disputes must be resolved through mediation and arbitration.
Lorre and Rodriguez have bought 40% ownership, and they were scheduled to increase their stake to 80% this week. Earlier this month, The Carlyle Group reportedly pulled a $300 million investment, but Lorre and Rodriguez — the former New York Yankees star — reportedly secured another private equity firm, Dyal Capital Partners, to give them the backing they needed. The group submitted financial documents NBA In an effort to meet last week's deadline, According to athletics.
This season, the Timberwolves are 50-22 and fighting for first place in the Western Conference. They recently signed guard Mike Conley to a two-year, $20.8 million contract extension, and extensions for stars Anthony Edwards and Karl-Anthony Towns will boost their payroll next season.
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