Glen Taylor cancels sale of Wolves. A-Rod and Lore say not so fast.
Add Axios as your preferred source to
see more of our stories on Google.
Marc Lore, Alex Rodriguez and Glen Taylor. Photo: David Sherman/NBAE via Getty Images
Minnesota Timberwolves majority owner Glen Taylor said Thursday Alex Rodriguez and Marc Lore missed the deadline to acquire control of the team and declared the Lynx and Wolves "are no longer for sale."
Why it matters: It's a dramatic turn of events as fans have been anticipating new ownership for nearly three years.
Yes, but: A-Rod and Lore say they're still planning to close on the team once they get NBA approval.
Catch up quick: Taylor struck a deal with Lore and Rodriguez back in 2021 that gave the two business partners a series of deadlines to make payments to acquire 80% of the team.
- Their last payment, of $600 million, was due on Wednesday.
- The two minority owners had struck a deal with private equity giant The Carlyle Group to help make the final payment, but that deal fell apart this month.
- They found a new partner and submitted paperwork to the NBA, according to The Athletic.
What they're saying: In a statement Thursday, Taylor said Lore and Rodriguez did not meet certain circumstances to get an extension. A source close to the deal said they failed to meet certain contractual obligations in between exercising their last option and closing on the team.
The other side: Rodriguez and Lore disputed that characterization in a statement sent to Axios' Dan Primack.
- "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," the statement read. "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."
What we're watching: The Athletic, citing league sources, reported that the purchase agreement calls for mediation and arbitration to resolve such disputes.
Taylor, 82, said he will continue to work with Rodriguez and Lore — who own nearly 40% of the team — "to ensure our teams have the necessary resources to compete at the highest levels on and off the court."
Between the lines: Taylor had agreed to sell the team at a $1.5 billion valuation back in 2021. Forbes now values the Wolves at $2.5 billion.
Editor's note: This story has been updated with new details throughout.