Timberwolves owner not selling stake to Alex Rodriguez, Marc Lore

Glen Taylor, the owner of the Minnesota Timberwolves, has decided not to proceed with the sale of his majority stake in the team to Marc Lore and Alex Rodriguez, the minority owners, as he revealed on Thursday.

Taylor claims that Lore and Rodriguez did not meet specific deadlines and requirements of the sales agreement that was initiated in 2021. According to sources close to ESPN, the once promising partnership between Taylor and his intended successors, Lore and Rodriguez, has deteriorated over the last two years.

The Timberwolves are currently enjoying one of their best seasons, boasting a record of 50-22 and sitting just half a game behind the leader in the Western Conference.

Lore and Rodriguez responded to Taylor’s announcement by asserting they have complied with their financial commitments, including making a last payment the previous week. Back in 2021, Taylor had agreed to sell both the Timberwolves and the WNBA’s Minnesota Lynx for a total of $1.5 billion. This deal was structured to gradually transfer ownership to Lore and Rodriguez as they completed a series of financial contributions.

Lore and Rodriguez expressed their disappointment with Taylor’s public announcement, stating, “We have met our commitments, secured the necessary finances, and are ready to finalize the purchase once the NBA approves the transaction. Glen Taylor’s declaration today unfortunately reflects a change of heart on his part, which is not only short-sighted but also disruptive for the team and its fans during a record-setting season.”

Since the initiation of the sale in 2021, the value of NBA teams has significantly increased, highlighted by the sales of the Phoenix Suns for $4 billion, the Dallas Mavericks for $3.5 billion, and the Charlotte Hornets for $3 billion.

Taylor, in his statement, clarified that while he is no longer proceeding with the sale, he intends to continue collaborating with Lore, Rodriguez, and the current ownership group to ensure the teams are well-equipped to compete at the highest level both on and off the court.

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