Glen Taylor Announces Wolves No Longer For Sale, Lore/Rodriguez Group Didn't Meet Deadlines - RealGM Wiretap
Glen Taylor will remain as controlling owner of the Minnesota Timberwolves after Marc Lore and Alex Rodriguez did not close on their option by the March 27th deadline.
Lore and Rodriguez agreed to purchase the Wolves in 2021 at a valuation of $1.5 billion. The deal allowed them to purchase 20 percent of the team in July 2021, 20 percent more in 2022 and 40 percent more in 2023., the necessary financing had been secured by Lore and Rodriguez, but Taylor contends that they didn't meet contractual deadlines. Wojnarowski also reports that the relationship between Taylor and his successors, Lore and Rodriguez, had disintegrated since they agreed to the sale.
“I will continue to work with Marc, Alex and the rest of the ownership group to ensure our teams have the necessary resources to compete at the highest levels on and off the court,” said Taylor. “The Timberwolves and Lynx are no longer for sale.”Sources also tell The Athletic that the purchase agreements calls for mediation and arbitration to resolve any disputes. Under terms of the agreement, Lore and Rodriguez will retain the 40 percent of the franchise they have already purchased.
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