Timberwolves “No Longer For Sale” After A-Rod/Lore Deal Falls Through

The Minnesota Lynx and Timberwolves are 'no longer for sale' after the team announced the deal between current owner Glen Taylor and prospective owners Alex Rodriguez and Marc Lore had expired.

In a press release sent Thursday morning, the Timberwolves said that the deadline to complete the sale has passed and that under certain circumstances an extension could have been granted, but 'those circumstances did not occur.'

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.

 

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.

 

“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.”

Taylor, a Mankato businessman, bought the Timberwolves in 1994 for $94 million. The deal to sell the team to Alex Rodriguez and Marc Lore was reportedly worth $1.5 billion.

The Timberwolves are having one of the best seasons in franchise history. They won their 50th game on Wednesday night, making this the fifth time in history the Wolves have reached that plateau.