The customers scrambled to raise money and the contract’s protracted construction raised eyebrows amid soaring NBA valuations, as Glen Taylor’s price of the Minnesota Timberwolves to Marc Lore and Alex Rodriguez captivated the sports business earth over the last three years.
Fighting statements from the two sides came to a nose on Thursday, which brought the two parties to a head.
According to Taylor,” The Timberwolves and Lynx are no longer for sale,” Taylor cited A-Rod and Lore’s failure to pay by the late March timeframe for appointing a manager.
The clients countered two hours later.
In a speech, Lore and Rodriguez stated that they have fulfilled their obligations, have all the necessary money, and are completely committed to closing the deal on the group once the NBA’s approval process is complete. ” Glen Taylor’s speech is an unfortunate situation of seller’s grief that is quick sighted and destructive to the team and the supporters during a historic winning time,” the statement reads.

A Twitter post that appears to contain passages of the purchase agreement contains language that implies Lore and Rodriguez are entitled to” an extra ninety days” if their requests for additional approvals from the NBA or other governmental bodies are blocked. The pictures are appropriate, according to a source with knowledge of the package.
If it fall off, the inability to get this deal to the finish line is a huge swing and miss—or yet an airball—for A- Rod and Lore. Given the team’s high price appreciation and swift ascendancy to the top of the NBA ranks, this is especially true. And ultimately, Taylor may have wanted this.
In early 2021, the average NBA team was worth$ 2.37 billion, per Sportico’s inaugural NBA team valuations, and Minnesota checked in at$ 1.43 billion. Three months later, Taylor reached a package to offer to Lore and Rodriguez at a approximately$ 1.55 billion pricing.
According to the agreement points, Lore and Rodriguez purchased the first 20 % of the Timberwolves and WNBA’s Minnesota Lynx in July 2021, as stated in a 2021 lawsuit filed by a Timberwolves minimal companion. The next around 20 % interest, which they bought last time, was composed of limited companion securities owned by Taylor. The most recent 40 % of the shares were expected to be split up into general-partnership interests and all of the non-Taylor LP shares. The final 20 %, which Lore and Rodriguez could have purchased at any time before March, would have been Taylor’s entire equity.
However, a person with knowledge of Taylor’s thinking said that the relationship between Taylor and the incoming owners gradually deteriorated in the time since the agreement was reached. For instance, Lore and Rodriguez constructed a new owners suite inside the Target Center, which is typically used for games, a radical change from Taylor and his wife Becky, who prefer to be more accessible.
Taylor, of course, could have chosen to keep negotiating with Rodriguez and Lore. He chose to end the deal instead because of contractual obligations, which is not a sign of a successful working relationship.

In a televised interview with KSTP on Thursday, Taylor said he was n’t frustrated with the result. Rodriguez and Lore would continue to lead the team as he has been doing, and they would keep the” 36 %” they already purchased. The 82-year-old stated that he would not be selling the Timberwolves or Lynx in the near future. In 1995, Taylor purchased the NBA team for$ 88 million.
Rodriguez and Lore’s legal options are unsure. A group representative declined to comment on what they might do next.
The three-year length of the deal became problematic as the league’s valuations rose markedly in comparison to what was typically expected for an NBA transaction. The bottom of the financial market saw the biggest gains, as investors began to recognize the value of owning a tally of 1/30 of the NBA, whether in New Orleans or New York, as a result of rising central income and a looming new blockbuster TV deal. In 2023, Michael Jordan sold his Charlotte Hornets for$ 3 billion and Marc Lasry’s Milwaukee Bucks for$ 3 billion.
The average NBA franchise is now worth$ 4 billion, 69 % higher than three years earlier. The Timberwolves are in the top. 28 in the league at$ 2.94 billion.
Many in the industry speculated throughout the entire process that Taylor was aware that agreeing to sell to a group that still needed to raise money meant he might never have to sell at all. Other organizations were reportedly discussing cash offers for a similar$ 1.5 billion price when Taylor and Lore and Rodriguez were negotiating, according to several people with knowledge of the negotiations. Taylor made the decision to pursue the agreement that would allow him to maintain control for at least a few more years.
Some potential investors resisted investing at a$ 2 billion plus valuation as Rodriguez and Lore attempted to raise capital while Rodriguez and Lore were in the deal at$ 1.55 billion. Some investors joked that if they had to answer the retired baseball player, they would need an “A-Rod” discount because there is a limited partnership discount with sports teams.
Prior to the transaction’s funding, the pair had been in discussions with Carlyle Group, but the private equity firm was unable to reach a deal with the NBA. The incoming ownership group turned to Blue Owl Capital’s Blue Owl Homecourt last week to try and help finance their next 40 % stake in the team after the deadline to close at the end of the month.
NBA and Blue Owl representatives opted not to comment right away.
Additionally, this is not Taylor’s first instance of selling franchises. Grizzlies investor Daniel E. Straus reportedly had advanced discussions to buy the Timberwolves and Lynx in 2020, but they ultimately broke down. Taylor’s expectations at the time of entering the deal were not addressed by a Timberwolves representative.
Minnesota is 50- 22 this season with a chance to tie the franchise record of 58 wins set during the 2003- 04 season. The team’s best record in the Western Conference is two games behind the Nuggets, which sits one game further back.