Taylor Sports Group chairman and general partner of Minnesota Timberwolves Basketball Limited Partnership Glen Taylor confirmed this morning the expiration of the option of Marc Lore and Alex Rodriguez to acquire controlling interest in both the Timberwolves and the Lynx, the team's WNBA affiliate.
Closing was required to occur within 90 days, according to the terms of the purchase agreement following the exercise notice issued by Lore and Rodriguez.
That 90-day period expired on March 27, 2024.
The buyer(s) could have been entitled to a limited extension but that didn't happen.
"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.
"The Minnesota Timberwolves will remain under the control of owner Glen Taylor, who agreed to sell the T-Wolves to Lore and Rodriguez for $1.5 million. Lore and Rodriguez acquired 20% of the franchise in the interim.
Lore was President of Walmart U.S. e-Commerce and Alex Rodriguez is one of the greatest Major League Baseball players of all time. The closing of the deal was required by Wednesday but that did not occur.
The acquisition process was purposely drawn out so that Glen Taylor could mentor Lore and Rodriguez on the intricacies of team ownership in the NBA and WNBA.
Payment installments were part of the deal, which is reportedly highly unusual in such endeavors.
