Minority owners Marc Lore and Alex Rodriguez did not close on a sale of a controlling interest in the franchises by a deadline that expired yesterdayGetty Images
Glen Taylor has taken the T'Wolves and Lynx off the market after minority owners Marc Lore and Alex Rodriguez were unable to close a deal for controlling interest of the franchises before a purchase agreement deadline expired Wednesday. Although the 82-year-old Taylor -- as the teams’ general partner and governor -- could have extended the 90-day deadline, he has decided not to sell the teams, and indications are he will not reopen the bidding.
Lore and Rodriguez still own 40% of the two franchises, and Taylor made it clear in a statement that the day-to-day operations of the teams are unaffected by the change in ownership direction. "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 issued a response Thursday claiming they were “disappointed’’ with Taylor’s comments and “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.’’ They also called Taylor’s statement “an unfortunate case of seller's remorse that is short sighted and disruptive to the team and the fans during a historic winning season.’’
In July of 2021, with the Timberwolves valued at $1.5B, Lore and Rodriguez bought 20% of the teams as part of a planned three-year process to take controlling interest. The two men acquired another 20% in March of 2023 and had until this week to purchase another 40%, which would have made Taylor a limited partner. At the time, Taylor’s stated motivation was to phase the two men in, show them how to oversee NBA and WNBA franchises and take a more subservient role this April when he turns 83.
However, Lore’s and Rodriguez’s buy-out plans took a turn this month when Carlyle Group, a private equity firm, nixed a plan to contribute $300M of the final $600M needed to finance the deal. As of last week, Dyal Capital Partners was purportedly set to step in and supply the financing, but nothing was finalized before Wednesday’s deadline.
Taylor, a Minnesota native, bought the Timberwolves for $88M in 1994, at a time the team was possibly heading to New Orleans. His decision to sell to the team in incremental stages is said to have turned off prospective buyers back in 2021, but he had said it was his preference to wind down his ownership over time and hand over the franchise around his 83rd birthday April 20th.
With the breakdown of the Lore-Rodriguez deal, it is believed he has had a change of heart, which led to his statement Thursday that the teams are no longer available. The Timberwolves are the No. 2 seed in the Western Conference, only a 1/2 game out of first, and have broken attendance and viewership records this season. Indications are even if the valuations of his two franchises continue to rise -- and recent projections have them at $2.5B -- he will not sell.
