Timberwolves sale falls apart: Alex Rodriguez, Marc Lore fail to close deal, NBA team ‘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 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.

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.

The press release:

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.”

Lore and Rodriguez have purchased 40% of the franchises, and they were scheduled to bump their stake to 80% this week. Earlier this month, the Carlyle Group reportedly pulled a $300 million investment, but Lore and Rodriguez — a former New York Yankees star — reportedly secured Dyal Capital Partners, another private equity firm, to give them the backing they needed. The group submitted financial documents to the NBA last week in an attempt to meet the deadline, according to The Athletic.

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Source link : https://www.cbssports.com/nba/news/timberwolves-sale-falls-apart-alex-rodriguez-marc-lore-fail-to-close-deal-nba-team-no-longer-for-sale/

Author : James Herbert

Publish date : 2024-03-28 16:25:28

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