Owner retaining control of Lynx, Timberwolves
Star Tribune
MINNEAPOLIS — Glen Taylor said he will remain the controlling owner of the Minnesota Timberwolves and Lynx after Marc Lore and Alex Rodriguez did not close on a $1.5 billion sale of a controlling interest in the franchises by a deadline that expired Wednesday.
But Lore and Rodriguez are disputing Taylor’s version of events, accusing Taylor of “seller’s remorse” while saying they fulfilled their obligations for the purchase of another 40 percent of the NBA and WNBA franchises.
That purchase, which would bring their total stake close to 80 percent, had a deadline of Wednesday, but a deal was not completed. Taylor remains the controlling owner.
“Lore and Arod now own 36 percent,” Taylor said Thursday. “I will work with them, as I do with my other limited (partners).”
In a statement issued by the Timberwolves earlier Thursday, Taylor said, “The Timberwolves and Lynx are no longer for sale.”
But Lore and Rodriguez responded to Taylor’s statement by claiming they had the necessary pieces in place to execute the sale
“We are disappointed,” Lore and Rodriguez wrote in their rebuttal 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. Glen Taylor’s statement is an unfortunate case of seller’s remorse that is short sighted and disruptive to the team and the fans during a historic winning season.”
The Timberwolves are 50-22 this season and challenging for the top seed in the NBA’S Western Conference.
Taylor contends that Lore and Rodriguez couldn’t meet the deadline related to the closing process.
“The deadline had been pushed back, and they missed it,” Taylor said. “That’s what led to this.”
Taylor hangs on to approximately 60 percent of the team at a time when the value of NBA franchises has increased. In October 2023, Forbes valued the Timberwolves and Lynx at $2.5 billion, $1 billion more than he agreed to sell it for to Lore and Rodriguez. It remains to be seen what legal action might come from the Lore/rodriguez camp.