Timberwolves owner Glen Taylor will no longer sell his majority stake to the group of Marc Lore and Alex Rodriguez, claiming they failed to meet contractual deadlines.
Minnesota Timberwolves owner Glenn Taylor will not sell his majority stake in the franchise to owners Marc Lore and Alex Rodriguez.announced on Thursday.
Taylor alleges that Lore and Rodriguez failed to meet certain deadlines and contractual obligations in the sale.which began in 2021. Sources told ESPN that the relationship between Taylor and her successors Lauer and Rodriguez has disintegrated in the past two years.
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Minnesota (50-22) is having its best season in years and is just a half-game away from first place in the Western Conference.
In a statement he made to ESPN, Lore and Rodriguez maintained that they had fulfilled their financial obligations to Taylor, including last week's final installment. In 2021, Taylor agreed to a sale Timberwolves and Minnesota Lynx of the WNBA for $1.5 billion, with a structure that required transferring power over several years while Lore and Rodriguez made a series of payments.
“We are disappointed by Glenn Taylor’s public statement.” Lore and Rodriguez said in the statement. “We have fulfilled our commitments, have all the necessary funds and are fully committed to finalizing the team purchase once the NBA has completed the approval process.
“Glenn Taylor’s statement is an unfortunate case of seller’s regret, is short-sighted and a disservice to the team and the fans during a historic winning season.”
Since the sale process began in 2021, the values of NBA franchises have skyrocketed: the Phoenix Suns sold for $4 billion, the Dallas Mavericks for $3.5 billion, and the Charlotte Hornets for $3 billion.
Taylor said in his statement that he is no longer selling the franchise but will “continue to work with Mark, 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.” “
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