While everything seemed settled for the purchase by the duo Marc Lore – Alex Rodriguez of the last shares of the Minnesota Timberwolves, we learned today that the team is no longer for sale! Glen Taylor will therefore retain the 40% he still holds in the franchise. What an improbable story!
This is a publicity stunt that the Minnesota Timberwolves could have done without. Initially, there is the desire of an owner to gradually hand over control to two buyers wishing to launch a new project. The shares held by Glen Taylor, the owner, were to be sold in installments. Except that if the first part of the shares was sold without any pitfalls, the last part was more complex.
In the last days before the deadline, Marc Lore and Alex Rodriguez still had to find several hundred million dollars to finance the purchase. Funds which had (visibly) been found at the last minute. A little stress but a logical outcome. And then boom, all the insiders are getting excited this Thursday afternoon. The deadline to finalize the latest takeover of Wolves would have been passed. As a result, Glen Taylor announced that he was canceling the sale of his last shares!
Taylor says the window for Marc Lore and Alex Rodriguez to purchase the majority share of the Timberwolves/Lynx expired on March 27 — and “the buyer could have been entitled to a limited extension…However those circumstances did not occur.” Dramatic turn in Minnesota.
— Adrian Wojnarowski (@wojespn) March 28, 2024
“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 field. The Timberwolves and Lynx are no longer for sale. – Glen Taylor, Timberwolves owner
This does not bode well for the Minnesota Timberwolves. The franchise now finds itself with a majority divided between Taylor and the Lore – Rodriguez duo. The problem is that despite Taylor’s rallying words, ESPN informs us that the relationship between the historic owner of the franchise and his former future successors is far from being good. Be careful not to start an office war which could destroy the great dynamics of recent months on the floors. All in all, this is a story that promises new twists and turns because it’s hard to imagine the situation remaining as it is given the circumstances…
The relationship between Taylor and his successors – Lore and Rodriguez – disintegrated over the past two-plus years, sources tell ESPN. Lore/Rodriguez did raise money necessary to purchase controlling interest, but Taylor contends that they didn’t meet contractual deadlines…
— Adrian Wojnarowski (@wojespn) March 28, 2024
Source texte : ESPN
2024-03-28 16:08:00
#Minnesota #Timberwolves #longer #sale
