Alex Rodriguez Accuses Timberwolves Owner, Says NBA Team Is ‘No Longer For Sale’

Owner Glen Taylor said on Thursday that the Minnesota Timberwolves and Minnesota Lynx are no longer for sale. According to Taylor, Alex Rodriguez and Marc Lore, two potential purchasers, missed their deadline to finalize the agreement.

Alex Rodriguez Accuses Timberwolves Owner, Says NBA Team Is ‘No Longer For Sale’

Taylor was to be paid in installments by Lore and Rodriguez upon their agreement to purchase a controlling ownership in the franchises for an estimated $1.5 billion in 2021. By Wednesday, the deal was expected to be completed.

Although Lore and Rodriguez had obtained the funding required to complete the transaction, Taylor maintains that they missed the timeframes specified in their contract. Their relationship deteriorated during the changeover phase.

The Timberwolves said in a statement on Thursday that the team is no longer for sale and that Rodriguez and Lore were unable to fulfill a financial deadline of March 27 to complete their acquisition of the organization.

“We are disappointed with Glen Taylor’s public statement today,” the pair said.

“We have fulfilled our obligations, have all necessary funding and are fully committed to closing our purchase of the team as soon as the NBA completes its approval process. Glen Taylor’s statement is an unfortunate case of seller’s remorse that is short sighted and disruptive to the team and the fans during a historic winning season.”

According to The Athletic, the agreement states that arbitration and mediation will be used to settle disagreements such as these.

Lore and Rodriguez already own 40% of the franchises, and this week they were supposed to increase their ownership to 80%. The former star of the New York Yankees, Lore, and Rodriguez apparently gained the backing of another private equity group, Dyal Capital Partners, after the Carlyle Group reportedly withdrew a $300 million investment earlier this month. In an effort to make the deadline, the group sent financial records to the NBA last week, according to The Athletic.

A legal dispute seems to be developing based on the tone of Rodriguez and Lore’s statement.

Lore was the former CEO of Walmart, while Rodriguez is a former baseball star who became businessman.

With Anthony Edwards developing into a superstar, the Timberwolves are 50-22, one game behind the Nuggets for the top spot in the Western Conference, and they will be a title contender for the foreseeable future.

How many World Series did Alex Rodriguez win?

His sole championship was with the Yankees, helping them defeat the Phillies in the 2009 World Series.

Who owns Minnesota Timberwolves?

Owner Glen Taylor said on Thursday that the Minnesota Timberwolves and Minnesota Lynx are no longer for sale. According to Taylor, Alex Rodriguez and Marc Lore, two potential purchasers, missed their deadline to finalize the agreement.

When did Alex Rodriguez buy Timberwolves?

As per the agreement, which was detailed in a lawsuit filed in 2021, Rodriguez and Lore acquired 20% of the Timberwolves in July of the same year.

 

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