NBA T-Wolves Owner Taylor Says Club No Longer For Sale – Barron’s

1 minute, 50 seconds Read
image

Minnesota Timberwolves majority owner Glen Taylor said Thursday the NBA club was no longer for sale, scuttling a purchase option held by retired baseball star Alex Rodriguez and businessman Marc Lore.

Taylor agreed a deal in 2021 in which Lore and Rodriguez obtained 40 per cent of the T-Wolves and Women’s NBA Minnesota Lynx, with an option to double their stake and take control of the teams.

In a statement, Taylor said that once Lore and Rodriguez signalled that they wanted to exercise their option they had 90 days to close the deal. Taylor said their deadline elapsed on Wednesday.

“Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur,” the Taylor statement said.

“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.

“The Timberwolves and Lynx are no longer for sale.”

The entire deal would have netted Taylor a reported $1.5 billion (1.39 billion euros). Since the sales process began three years ago, other NBA clubs have sold for between $3 billion and $4 billion.

Through a spokesman, Rodriguez and Lore issued a statement¬†to reporters saying they were disappointed in Taylor’s statement.

“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,” their statement said.

The Timberwolves are second in the Western Conference at 50-22 and on pace for their second-best record since the club began play in 1989.

The T-Wolves went 58-24 and lost in the West finals 20 years ago. That was the last time Minnesota won a playoff series.

“Glen Taylor’s statement is an unfortunate case of seller’s remorse that is shortsighted and disruptive to the team and the fans during a historic winning season,” said Lore and Rodriguez.

Taylor, a past chairman of the NBA board of governors, is also a part owner of Minnesota United of MLS. he bought the T-Wolves in 1994 for $94 million.

Rodriguez, 48, was a three-time American League Most Valuable Player and helped the New York Yankees win the 2009 World Series.

js/pb

This post was originally published on 3rd party site mentioned in the title of this site

Similar Posts