MINNEAPOLIS, Minn. –Glen Taylor announced that the Minnesota Timberwolves and Lynx are no longer up for sale. This declaration came shortly before Alex Rodriguez and Marc Lore stated their intent to become owners of the Timberwolves.
Despite Rodriguez and Lore’s assertion, Taylor had moved on as the majority owner after they missed a transaction deadline. They were required to make a payment of approximately $600 million but were unsuccessful in securing partners to assist with the payment. Rodriguez and Lore had been working with Dyal Capital Partners and had submitted paperwork to the NBA for approval.
The saga continued as Lore and Rodriguez sought an automatic 90-day extension based on a clause in their purchase agreement. This extension was contingent on the submission of signed financial documents awaiting NBA approval, which were provided on March 21, just days before the deadline. However, Taylor stated that the circumstances for an extension did not occur.
The situation has escalated to involve lawyers from both sides, indicating a potential court resolution. Meanwhile, Taylor has reportedly instructed team leadership not to engage with Rodriguez or Lore and restricted their access to team facilities.
On the basketball court, the Timberwolves achieved 50 regular-season wins for the first time in 20 years, setting up a crucial game against Denver for the top spot in the Western Conference.