Entrepreneur Marc Lore and ex-baseball star Alex Rodriguez actually wanted to finalize the purchase of the Minnesota Timberwolves and Minnesota Lynx at the end of March. But now the current team owner Glen Taylor has put a stop to the deal.
Don’t want to sell the Minnesota Timberwolves after all: Glen Taylor (M.). imago images / ZUMA Press
While the Minnesota Timberwolves are on the way to having their best season in 20 years, the sale process of the franchise was going on in the background. However, this has now come to an abrupt end: the deal between the current owner Glen Taylor and the interested parties Marc Lore and Alex Rodriguez has fallen through.
The two parties originally negotiated a deal almost three years ago that provided for a gradual change of ownership and was supposed to have a total volume of $1.5 billion. Part of the deal included not only the Timberwolves, but also the WNBA team Minnesota Lynx.
However, Taylor explained on Thursday that the final step of the sale would not be completed because entrepreneur Lore and former baseball star Rodriguez had not fulfilled certain contract details. He has now taken the team off the market and no longer wants to sell.
Lore and Rodriguez with allegations against Taylor
Lore and Rodriguez contradicted this representation in a statement: “We have met our obligations, have the necessary financing and are ready to complete the purchase.” They further accused Taylor of regretting the sales agreement. “This is short-sighted and disruptive to the team and fans during a historic season.”
As part of the deal, Lore and Rodriguez acquired 20 percent of the franchise in 2021, and a further 20 percent went to the duo in 2023. The relationship of trust between Taylor and Lore and Rodriguez is said to be loud ESPN have suffered in recent years, however. The two buyers are said to have had problems getting the necessary money together in recent years.
Taylor, who turns 83 in April, has been the team owner of the Timberwolves since 1994, when he bought the team for $88 million. Since the original agreement regarding the sale, the value of the franchise has probably risen significantly above the negotiated $1.5 billion, not least because of the current sporting success and the rise of guard Anthony Edwards to superstardom. The Charlotte Hornets were last valued at $3 billion when Michael Jordan was sold in the summer of 2023.
2024-03-29 12:05:42
#NBA #Sale #Minnesota #Timberwolves #collapsed
