Timberwolves sale falls apart: Alex Rodriguez, Marc Lore fail to close deal, NBA team 'no longer for sale'
CBSN
Glen Taylor will remain the majority owner of the Minnesota franchises
The Minnesota Timberwolves and Minnesota Lynx are no longer for sale, owner Glen Taylor announced Thursday, as prospective buyers Marc Lore and Alex Rodriguez did not meet their deadline to close the deal. When Lore and Rodriguez agreed to buy a majority stake in the franchises for a reported $1.5 billion in 2021, they arranged to pay Taylor in installments. The acquisition was supposed to close by Wednesday. Glen Taylor, Chairman of Taylor Sports Group, Inc., the general partner of Minnesota Timberwolves Basketball Limited Partnership ("Timberwolves and Lynx"), this morning confirmed the expiration of the option of Marc Lore and Alex Rodriguez to acquire controlling interest in the Timberwolves and Lynx.
The press release: 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.
Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur.
