Timberwolves and Lynx sale off — Glen Taylor says A-Rod, Lore failed to close deal, they claim ‘seller’s remorse’
The two-and-a-half-year process for Glen Taylor to sell the Minnesota Timberwolves and Lynx is off, according to a statement from Taylor.
The clubs’ longtime owner and chairman released a statement Thursday saying Marc Lore and Alex Rodriguez, who have been leading a group to buy the franchises from Taylor since 2021, failed to meet their deadline for the final payment to obtain a controlling stake in the organization.
“Under terms of the purchase agreement, the closing was required to occur within 90 days following the exercise notice issued by Lore and Rodriguez. That 90-day period expired on March 27, 2024,” Taylor’s statement says.
RELATED: Q&A: Glen Taylor on Wolves and Lynx no longer being for sale
It adds that an extension could’ve happened under certain circumstances, but “those circumstances did not occur.”
Meanwhile, a statement from Lore and Rodriguez claims Taylor had “seller’s remorse.”
“We are disappointed with Glen Taylor’s public statement today,” their statement says. “We have fulfilled our obligations, have all necessary funding and are fully committed to closing our purchase of the team as soon as the NBA completes its approval process. Glen Taylor’s statement is an unfortunate case of seller’s remorse that is short sighted and disruptive to the team and the fans during a historic winning season.”
The massive development means Taylor, the 82-year-old who has owned the franchise since 1994, will continue to run the Wolves and Lynx for the foreseeable future.
Lore and Rodriguez still have a minority ownership stake — 36% according to Taylor — but have been working closely with the franchises since striking a deal on a succession plan with Taylor in 2021.
“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,” Taylor’s statement added, before concluding, “The Timberwolves and Lynx are no longer for sale.”
RELATED: Q&A: Owner Glen Taylor on Wolves being No. 1 in West, Lynx’s off-season, and sale process
KSTP Sports’ Darren “Doogie” Wolfson, talked with Taylor at the beginning of the month and asked Taylor about the sale. Taylor notably paused for a few seconds and sighed after the question before responding, “They said they were gonna close on the 28th or 29th of February … and that went past and we have not received anything from them.”
Taylor went on to add that the NBA said they were reviewing documentation but said he never received anything.
Doogie also asked if there was still a belief that the deal would get done and Taylor said, “Well I think they assume so,” but added that “they don’t communicate with me” and he was told at one point that they wanted him to stay on as an owner but never got any documentation.
“I think they need me,” Taylor added when asked if he wanted to remain a partial owner.
Doogie continued to ask Taylor about the deal, saying the deal has seemed wonky and wondering if there was still hope for the deal to eventually be finished. Taylor paused and declined to comment.
Doogie also talked to Taylor on Thursday morning, and while Taylor said he wasn’t able to speak about whether or not A-Rod and Lore had the necessary funding lined up to complete the purchase, he added that he’s OK with maintaining the controlling interest of the franchise.
Amid the best season in Timberwolves history in 20 years, the future of the teams’ ownership again appears to be in limbo.