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Minnesota Timberwolves and Lynx Deal with Rodriguez and Lore Falls Through

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Minnesota Timberwolves And Lynx Deal With Rodriguez And Lore Falls Through

Glen Taylor, Chairman of Taylor Sports Group, Inc., announced the conclusion of the deal between Minnesota Timberwolves Basketball Limited Partnership and potential buyers, Marc Lore and Alex Rodriguez.

After failing to meet the closing deadline, Lore and Rodriguez’s option to acquire a controlling interest in the Timberwolves and Lynx has expired. The 90-day period for the completion of the purchase agreement lapsed on March 27, 2024.

While there was a possibility of an extension under specific circumstances, the required conditions for prolonging the deal were not met.

In a statement, Taylor expressed his commitment to continue collaboration with Lore, Rodriguez, and the ownership group to provide necessary resources for the teams’ competitiveness both on and off the court. He confirmed that the Timberwolves and Lynx are no longer up for sale.

Co-owners Lore and Rodriguez, who were aiming to secure majority stake in the teams, could not finalize the acquisition due to a financing shortfall, leading to the termination of the agreement before the closing deadline.

The ownership group, with Lore and Rodriguez holding a 40% ownership, had plans to increase their stake by acquiring an additional 40% interest in the Timberwolves, a deal that now stands void.

Previous reports indicated a potential financing arrangement with private equity firm, which did not materialize, eventually leading to the breakdown of the acquisition deal. This setback marks the end of the proposed multi-part transaction worth $1.5 billion.

The Timberwolves, a valuable NBA franchise, have been on the rise in recent years with a current worth of $2.94 billion. The team’s improved performance on the court has contributed to the increased valuation, possibly influencing Taylor’s decision to retain ownership.

As of now, the Timberwolves sit in the second position in the Western Conference, enjoying a successful season. Taylor, who acquired the team in 1994, has overseen the franchise’s operations since then, without clinching an NBA Championship title.

Efforts to reach the NBA and Rodriguez for comments on the situation were unsuccessful at the time of this report.

Rachel Adams

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