Glen Taylor announces that Timberwolves are no longer for sale
The Minnesota Timberwolves will evidently remain in the control of owner Glen Taylor, after he announced Thursday that a deal where Marc Lore and Alex Rodriguez would have acquired the controlling stake in the team has expired
MINNEAPOLIS (AP) — The Minnesota Timberwolves will evidently remain in the control of owner Glen Taylor, after he announced Thursday that a deal where Marc Lore and Alex Rodriguez would have acquired the controlling stake in the team has expired.
Taylor agreed to sell the Timberwolves for $1.5 billion in 2021 to Lore and Rodriguez, who then began the purchase by acquiring 20% of the franchise. Lore became Walmart’s e-commerce chief in 2016; Rodriguez is one of baseball's all-time home run leaders and has become an investor in a variety of businesses since, plus is a trustee at the University of Miami.
It was, by design, a drawn-out process in part so Taylor could mentor Lore and Rodriguez on what's involved in ownership of NBA and WNBA franchises; the Minnesota Lynx were also to be part of the deal.
The closing of the deal was required to happen by Wednesday — and Taylor said Thursday that “under certain circumstances” a limited extension could have been offered. That did not happen, and for now, the Timberwolves are no longer for sale.
