A-Rod, Marc Lore: ‘We’re going to be the owners of the Minnesota Timberwolves’
Alex Rodriguez and Marc Lore were introduced as the new owners of the Minnesota Timberwolves and Lynx on Monday at media day.
MINNEAPOLIS (FOX 9) - Glen Taylor released a statement on Thursday that the Minnesota Timberwolves and Lynx are no longer for sale.
Less than 24 hours later, Alex Rodriguez and Marc Lore told Sportico, "We’re going to be the owners of the Minnesota Timberwolves. It’s just a matter of time, and how much pain Glen wants to put the fans, the players, the town and community through. It’s his choice. It didn’t have to be this way."
Taylor said Thursday he was moving on as the majority owner of the Timberwolves after Rodriguez and Lore failed to meet a transaction deadline to transition ownership. They had to make a payment of around $600 million, and were seeking partners to help make the payment. As recently as last week, Rodriguez and Lore were working with Dyal Capital Partners and had submitted paperwork to the NBA for approval.
They agreed to buy the Timberwolves in 2021 for $1.5 billion in a process that would take multiple transactions. Taylor went back on the deal after they didn’t meet Thursday’s deadline.
Lore and Rodriguez came back with a clause in their purchase agreement that says the buyers get an automatic 90-day extension if they submitted signed financial documents still awaiting NBA approval. Those documents were submitted March 21, six days before the deadline. The approval is in the process. The latest payment would give Rodriguez and Lore 60 percent ownership of the team.
Taylor said Thursday there were certain circumstances for an extension. He said those did not happen. Adding more drama to the situation, the relationship between Taylor, Rodriguez and Lore is strained to say the least. Taylor has reportedly told team leadership not to speak with either Rodriguez or Lore, ranging from CEO Ethan Casson all the way down to players. They're also not allowed in franchise's designated family room, and in certain parts of team facilities.
Lawyers are now involved on both sides, and it appears it will be settled in court.
On the basketball court, the Timberwolves reached 50 regular season wins for the first time in 20 years Wednesday night. They’re at Denver Friday night in a battle for the top spot in the Western Conference, with 10 games to play.