Glen Taylor will remain as controlling owner of the Minnesota Timberwolves after Marc Lore and Alex Rodriguez did not close on their option by the March 27th deadline.
Lore and Rodriguez agreed to purchase the Wolves in 2021 at a valuation of $1.5 billion. The deal allowed them to purchase 20 percent of the team in July 2021, 20 percent more in 2022 and 40 percent more in 2023.
Lore and Rodriguez were expected to have Dyal Capital Partners finance the final purchase. According to reporting from ESPN’s Adrian Wojnarowski, the necessary financing had been secured by Lore and Rodriguez, but Taylor contends that they didn’t meet contractual deadlines. Wojnarowski also reports that the relationship between Taylor and his successors, Lore and Rodriguez, had disintegrated since they agreed to the sale.
“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.”
Jon Krawczynski of The Athletic confirmed that Taylor will not put the franchise back up for sale if he retains his controlling interest.
Sources also tell The Athletic that the purchase agreements calls for mediation and arbitration to resolve any disputes. Under terms of the agreement, Lore and Rodriguez will retain the 40 percent of the franchise they have already purchased.
Lore and Rodriguez released the following statement in response:
“We are disappointed with Glen Taylor’s public statement today. 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.”