Timberwolves sale drama: Alex Rodriguez, Marc Lore fire back after owner says NBA team is ‘no longer for sale’

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The Minnesota Timberwolves and Minnesota Lynx are no longer for sale, owner Glen Taylor announced Thursday, as Taylor says prospective buyers Marc Lore and Alex Rodriguez did not meet their deadline to close the deal. When Lore and Rodriguez agreed to buy a majority stake in the franchises for a reported $1.5 billion in 2021, they arranged to pay Taylor in installments. The acquisition was supposed to close by Wednesday.

The press release from Taylor:

Glen Taylor, Chairman of Taylor Sports Group, Inc., the general partner of Minnesota Timberwolves Basketball Limited Partnership (“Timberwolves and Lynx”), this morning confirmed the expiration of the option of Marc Lore and Alex Rodriguez to acquire controlling interest in the Timberwolves and Lynx.

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.

“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.”

Taylor’s relationship with Lore and Rodriguez soured during the transition period, and, while Lore and Rodriguez had secured the investment necessary to finalize the sale, Taylor’s position is that they didn’t meet the deadlines outlined in their agreement, according to ESPN.

More specifically, Taylor’s position is that Lore and Rodriguez are not entitled to an extension because the NBA’s advisory/finance committee has not reviewed the final part of the sale, the board of governors has not approved it and the money has not been exchanged, according to The Athletic. 

Lore and Rodriguez do not agree. The statement from their spokesperson, via The Athletic:

“We are disappointed with Glen Taylor’s public statement today. We have…

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Source link : https://www.cbssports.com/nba/news/timberwolves-sale-drama-alex-rodriguez-marc-lore-fire-back-after-owner-says-nba-team-is-no-longer-for-sale/

Author : James Herbert

Publish date : 2024-03-28 17:24:21

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