Previous Articles Sections Next

Deal to sell Timberwolves to Alex Rodriguez and Marc Lore falls apart

Financing for the sale, which included the WNBA Lynx, hit a snag earlier this month. Now principal owner Glen Taylor says the teams "no longer are for sale."

By Cindy Boren | 2024-03-28

Alex Rodriguez and Marc Lore failed to meet a deadline to purchase the Timberwolves and Lynx. (AP Photo/Jim Mone)

With Alex Rodriguez and Marc Lore failing to meet a deadline for purchasing a majority stake in the Minnesota Timberwolves and Lynx, the teams "no longer are for sale," principal owner Glen Taylor announced Thursday.

Rodriguez and Lore had agreed in 2021 to pay Taylor $1.5 billion in installments, with the acquisition to close Wednesday. Taylor confirmed that the option to obtain controlling interest had expired.

"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," the teams said in a statement.

"Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur."

In the statement, Taylor said, "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. The Timberwolves and Lynx are no longer for sale."

Rodriguez and Lore own 40 percent of the teams through purchases dating to 2021. Taylor was not ready to hand over full control at the time, so a deal was struck in which he would mentor Rodriguez and Lore gradually. The duo exercised their option to complete the deal in December, starting the 90-day clock.

Although the Carlyle Group reportedly pulled a $300 million investment this month, Rodriguez and Lore reportedly had lined up backing from Dyan Capital Partners, another private equity firm. Financial documents were submitted to the NBA last week, according to The Athletic.

Rodriguez, the three-time American League MVP and ESPN and Fox broadcaster, and Lore, Walmart's e-commerce chief, leaped in a little too quickly in 2021, and the NBA fined the Timberwolves $250,000 for offseason practice outside the Minnesota area. Workouts and a team dinner reportedly took place at Rodriguez's Miami home.

Taylor purchased the Timberwolves in 1994 for $88 million, partly to keep them from relocating, and has owned the Lynx since 1999. Rodriguez and Lore unsuccessfully tried to purchase the New York Mets before striking the deal with Taylor.


This article was downloaded by calibre from https://www.washingtonpost.com/sports/2024/03/28/timberwolves-sale-falls-through-alex-rodriguez/?utm_source=rss&utm_medium=referral&utm_campaign=wp_homepage


Previous Articles Sections Next