The ownership transfer of the Minnesota Timberwolves has hit a roadblock as Glen Taylor announced he will not finalize the $1.5 billion deal with Marc Lore and Alex Rodriguez due to missed deadlines in the sale conditions. Taylor, the current owner, cited concerns about letting go and expressed his intention to continue running the team, emphasizing his satisfaction with the current staff and the team's performance.
Lore and Rodriguez, who had agreed to purchase the majority stake nearly three years ago, disputed Taylor's decision, asserting that they have met all obligations and are committed to completing the deal pending NBA approval. The partners expressed disappointment in Taylor's change of heart, labeling it as seller's remorse that could disrupt the team and its fans during a successful season.
The Timberwolves, with a record of 50-22, are enjoying one of their best seasons, tied for second place in the Western Conference. Taylor, an 83-year-old self-made billionaire who bought the team in 1994, had initially welcomed Lore and Rodriguez as potential successors, praising their connection and readiness to take over.
The transfer process involved Lore and Rodriguez gradually acquiring ownership stakes in the franchise, with the final portion of the sale now in question due to missed deadlines. Forbes valued the Timberwolves at $2.5 billion, reflecting the team's financial standing in the NBA.
Lore, a former Walmart executive, and Rodriguez, a retired MLB star turned investor, had previously attempted to purchase the New York Mets before turning their focus to the Timberwolves. Despite the current setback, the future of their relationship with Taylor and the team remains uncertain.
Taylor indicated a willingness to engage in mediation if necessary to address any potential disputes with Lore and Rodriguez. While the ownership transfer faces uncertainty, the Timberwolves continue their successful season on the court, with the potential for further developments in the off-court ownership saga.
