The owner of the Minnesota Timberwolves, Glen Taylor, announced this Thursday that the agreement to sell a majority stake in the team to Marc Lore and Alex Rodríguez expired and that the operation is canceled.
In a statement, Taylor assured that Lore and Rodríguez should have deposited the money for the operation on March 27, 90 days after notifying them, something that, according to the owner of the Timberwolves, has not happened.
The purchase of the WNBA’s Minnesota Lynx was also part of the deal. “The Timberwolves and Lynx are no longer for sale,” said the majority owner of both teams.
Taylor reached an agreement in 2021 with the businessman and the former baseball player to sell them 80% of the teams for $1.5 billion. To date, Lore and Rodríguez have taken over 40% of the franchises after two purchases of 20%, the last in March 2023.
Last week they presented the financial documentation to the NBA to complete the operation. The buyers, in another statement, said they had fulfilled all their obligations and were disappointed with Taylor’s decision.
“We have met our obligations, we have all the necessary funds and we are fully committed to closing our purchase of the team as soon as the NBA completes its approval process,” they assured. Taylor, for his part, noted that “the buyer may have been entitled to a limited extension under certain circumstances,” but said “those circumstances did not arise.” “I will continue to work with Marc, Alex and the rest of the ownership group to ensure our teams have the resources necessary to compete at the highest level on and off the court,” Taylor concluded.
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2024-03-28 17:58:43
#sale #Timberwolves #Marc #Lore #Alex #Rodríguez #truncated
