The Minnesota Timberwolves and Lynx are no longer for sale, majority owner Glen Taylor said Thursday.
Taylor confirmed the expiration of the option of retired baseball star Alex Rodriguez and former Walmart eCommerce CEO Marc Lore to acquire controlling interest of the NBA’s Timberwolves and WNBA’s Lynx.
Rodriguez and Lore exercised their option to buy another 40 percent of the teams in December, opening a 90-day window to close the deal. That window shut on Wednesday.
“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 said in a statement. “The Timberwolves and Lynx are no longer for sale.”
Lore and Rodriguez would have taken over controlling interest in the clubs had the agreement been finalized.
The deal was thrown into question last week when the financial backer of Rodriguez and Lore, the Carlyle Group, couldn’t reach agreement regarding requirements for those investing in the NBA with the pair, The Athletic reported.
One day later, Rodriguez and Lore appeared to have obtained financing from another group and filed paperwork with the NBA to complete the deal.
Rodriguez and Lore had made two purchases, each of a 20 percent stake in the teams, dating back to 2021 as part of a gradual move toward gaining control of the Minnesota franchises.
–Field Level Media