Glen Taylor says Marc Lore, Alex Rodriguez missed deadline to buy final 40% of Timberwolves, sale off

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Los Angeles Lakers v Minnesota Timberwolves

Glen Taylor loves owning the Minnesota Timberwolves and Lynx. The sense around the league has been that Taylor wasn’t eager to let go, which is part of what led to an unusual, multi-stage team sale to new owners Marc Lore and Alex Rodriguez — a slow process expected to be concluded this week.

In a shocking turn of events, Taylor announced Thursday that the sale will not go through.

Taylor says Lore and Rodriguez did not meet the contractual obligations to purchase the final 40% of the team by the March 27 deadline, and that they didn’t meet the criteria for an extension. The sale is now off, Taylor said in a Timberwolves organizational statement.

“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,” said Taylor. “The Timberwolves and Lynx are no longer for sale.”

Lore and Rodriguez say they did raise the money to buy the team and had letters of financial commitment, allowing an extension and time to go through the league’s formal approval process. In a statement, they said Taylor was suffering from “seller’s remorse.”

Taylor argues Lore/Rodriguez didn’t meet their contractual obligations by the deadline. Taylor had said that Lore and Rodriguez ran into trouble when The Carlyle Group dropped out of financing $300 million of the final payment. However, days later, a report surfaced that a new group, Dyal Capital Partners, had stepped in and kept the sale on track. Taylor’s argument is Lore and Rodriguez missed required deadlines: They have yet to undergo a final review from the NBA’s finance committee, there has been no vote of the board of governors, and no money has been exchanged, reports Jon Krawczynski at The Athletic.

Lore and Rodriguez believe they have met the criteria for a 90-day extension to go through the final steps of the league’s approval process.

Underpinning this is a tense personal relationship between the two sides that had deteriorated over the last couple of years.

While the league will be working on this behind the scenes,…

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Source link : https://sports.yahoo.com/glen-taylor-says-marc-lore-172458622.html

Author : NBC Sports

Publish date : 2024-03-28 17:24:58

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