Glen Taylor Confirms Minnesota Timberwolves and Lynx

Glen Taylor, the majority owner of the Minnesota Timberwolves and Lynx, announced on Thursday that the franchises are no longer up for sale. This declaration marks the end of an era that saw retired baseball legend Alex Rodriguez and former Walmart eCommerce CEO Marc Lore vying for controlling interest in the NBA and WNBA teams.

The saga began when Rodriguez and Lore exercised their option to purchase an additional 40% of the teams back in December. This move initiated a 90-day period during which they aimed to finalize the acquisition. However, the window to seal the deal closed on Wednesday, leaving the ownership status unchanged.

In a statement, Taylor expressed his commitment to collaborating with Lore, Rodriguez, and the rest of the ownership group to ensure that both the Timberwolves and Lynx have the necessary resources to thrive both on and off the court. With the announcement, Taylor definitively stated that the franchises are no longer on the market.

Had the agreement between Lore, Rodriguez, and Taylor been successfully executed, the former MLB star and the ex-Walmart executive would have assumed controlling interest in the clubs. However, uncertainties arose when the financial backer of Rodriguez and Lore, the Carlyle Group, encountered difficulties in meeting the NBA’s investment requirements, as reported by The Athletic.

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BREAKING: The Minnesota Timberwolves just issued a statement saying Alex Rodriguez and Marc Lore failed to make the final payment for majority control of the team.

That means current owner Glen Taylor will keep the team while A-Rod and Lore stay minority owners with a 40% stake. pic.twitter.com/RLSQbAMvJp
— Joe Pompliano (@JoePompliano) March 28, 2024

Despite the setback, Rodriguez and Lore appeared to secure alternative financing from another group shortly after. They even went as far as filing paperwork with the NBA in a bid to finalize the deal. However, these efforts ultimately fell short, leaving the ownership transition incomplete.

The journey towards ownership for Rodriguez and Lore began in 2021 when they made two separate purchases, each acquiring a 20% stake in the teams. These acquisitions signaled a gradual transition towards gaining control of the Minnesota franchises. However, the recent turn of events has put their aspirations on hold, leaving the future ownership of the Timberwolves and Lynx uncertain.