An agreement for a majority stake of the Minnesota Timberwolves and Lynx franchises to be sold to Alex Rodriguez and Marc Lore has fallen through, Taylor Sports Group, Inc chairman Glen Taylor confirmed Thursday, March 28.
In an official statement from the Timberwolves, Taylor said "The Timberwolves and Lynx are no longer for sale" after a 90-day closing period of the sale expired Wednesday, March 27.
Taylor's announcement comes eight days after The Athletic's Shams Charania reported that Rodriguez and Lore "submitted signed financial documentation to NBA to complete [the] acquisition of majority controlling ownership" of the two franchises.
Given earlier developments, Taylor's official statement comes as an unexpected end to the saga of Rodriguez and Lore's journey to becoming controlling owners of the Timberwolves and Lynx.
Why the Timberwolves and Lynx are no longer for sale
The Timberwolves and Lynx are no longer for sale after the expiration of the option of Lore and Rodriguez to acquire controlling interest in the franchises.
Here is more from the franchise's statement:
Under terms of the purchase agreement, the closing was required to occur within 90 days following the exercise notice issued by Lore and Rodriguez. That 90-day period expired on March 27, 2024.
Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur.
In July 2021, the NBA formally approved the first 20 percent increment of a $1.5 billion sale of the franchises to Lore and Rodriguez.
Per the terms of the agreement, Lore and Rodriguez had the right to purchase an additional 20 percent share of the franchises in 2022 and an additional 40 percent share in 2023, which would make the duo the franchises' controlling owner.
Taylor voided the contract finalizing the sale after viewing budget projections from Lore and Rodriguez that would have lowered the team's payroll, according to ESPN's Adrian Wojnarowski.
Taylor's belief that the group's new plans would severely impact Minnesota's ability to contend. The Timberwolves are enjoying just the fourth 50-win season in franchise history.
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Alex Rodriguez and Alex Lore statement
In response to the statement from Taylor, Rodriguez and Lore released the following statement:
We are disappointed with Glen Taylor's public statement today. We have fulfilled our obligations, have all necessary funding and are fully committed to closing our purchase of the team as soon as the NBA completes its approval process. Glen Taylor's statement is an unfortunate case of seller's remorse that is short sighted and disruptive to the team and the fans during a historic winning season.
Adam Silver statement
On April 10, Silver said "There is no role for the league in that process," when asked if the NBA would get involved in the ownership dispute.
Silver added that the NBA will re-evaluate the types of purchase agreements that it approves in the future, indicating groups may no longer be allowed to purchase teams in increments.
Timberwolves franchise value
The Timberwolves are worth $2.5 billion, per a Forbes valuation calculated in October 2023.
While Minnesota's franchise value ranks 29th out of the league's 30 teams, its valuation has increased by $1 billion since the sale was first approved in the summer of 2021.
Taylor, a Minnesota native, purchased the Timberwolves for $88 million in 1994. The Lynx franchise was founded in 1999.
