Timberwolves owners will not sell majority control to A-Rod and Marc Lore

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 contract deadlines.

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Minnesota Timberwolves owner Glenn Taylor will no longer sell his majority stake in the franchise to owners Mark Lore and Alex Rodriguez.He announced on Thursday.

Taylor alleges that Lore and Rodriguez failed to meet certain contractual deadlines and obligations in the sale process.Which started in 2021. Sources told ESPN that the relationship between Taylor and his successors, Lore and Rodriguez, disintegrated over the past two years.

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minnesota (50-22) is having its best season in years and is just a half game out of first place in the Western Conference.

In a statement to ESPN, Lore and Rodriguez said they met their financial obligations to Taylor, including last week’s final payment. In 2021, Taylor agreed to sell Timberwolves and WNBA Minnesota Lynx For $1.5 billion, with a structure that required a transfer of 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 met our obligations, we have all the necessary funds in place and we are fully committed to closing the purchase of the team as soon as the NBA completes its approval process.

“Glen Taylor’s statement is an unfortunate case of seller’s regret that is short-sighted and harmful to the team and 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.

In his statement, Taylor said he is no longer selling the franchise, but will “continue to work with Mark, Alex and the rest of the ownership group to ensure that our teams have the opportunity to compete at the highest level on and off the field.” Have the necessary resources to do so.”