Glen Taylor: The Timberwolves and Lynx are no longer for sale
Co-owners Mark Lore (R) and Alex Rodriguez (2nd L) of the Minnesota Timberwolves react courtside during action against the New Orleans Pelicans in the first quarter at Target Center on April 9, 2023 in Minneapolis, Minnesota. (Stephen Maturen / Getty Images)
MINNEAPOLIS (FOX 9) - Minnesota Timberwolves and Lynx owner Glen Taylor said Thursday the teams are "no longer for sale" after a 90-day window to close the sale expired on Wednesday.
Alex Rodriguez and Mark Lore had until March 27 to make a final payment of around $600 million to take over majority ownership from Taylor. Under the terms of the purchase agreement, closing of the transaction was to take place on Wednesday, and it did not. Circumstances could’ve been granted for a limited extension, but criteria for that was not met.
"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 a statement. "The Timberwolves and Lynx are no longer for sale."
According to ESPN's Adrian Wojnarowski, the relationship between Taylor, Rodriguez and Lore had become strained over failing to meet contractual obligations to take over the team.
Last week, Rodriguez and Lore submitted signed documents to the NBA that needed approval from the league’s Board of Governors to go through. Reports also emerged last week that they were working with private equity firm Carlyle to come up with part of the final funds needed to close the sale. The NBA and Carlyle couldn’t reach an agreement on their role in the sale.
According to The Athletic, Lore and Rodriguez got Dyal Capital Partners to come on as an investor. Lore and Rodriguez agreed to purchase the Timberwolves and Lynx from Taylor back in 2021 for $1.5 billion, a process that would take multiple transactions. If Thursday’s payment would’ve been made, Lore and Rodriguez would’ve had 60 percent ownership, while Taylor would’ve had 20.
For now, Taylor remains the majority owner.
Lore and Rodriguez released a statement Thursday, calling Taylor’s decision "seller’s remorse."
"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 fans during a historic winning season."
On the court, the Timberwolves beat the Pistons 106-91 Wednesday night and reached 50 regular season wins for the fifth time in franchise history, the first time in 20 years and did so in 72 games, the fastest in team history.