Timberwolves sale drama: Alex Rodriguez vows to continue fight after owner says NBA team is no longer for sale

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Drama has unfolded this week around the potential sale of the Minnesota Timberwolves and Minnesota Lynx. Glen Taylor, the owner of the NBA and WNBA said Thursday that the teams were “no longer for sale.” Taylor is claiming that prospective buyers Marc Lore and former MLB star Alex Rodriguez did not meet their deadline to close the deal. Lore and A-Rod have pushed back, saying they fulfilled their obligations and are committed to finalizing 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.

Here’s the press release from Taylor, which came as a surprise on Thursday:

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…

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Source link : https://www.cbssports.com/nba/news/timberwolves-sale-drama-alex-rodriguez-vows-to-continue-fight-after-owner-says-nba-team-is-no-longer-for-sale/

Author : James Herbert

Publish date : 2024-03-30 16:36:37

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