Glen Taylor: Timberwolves No Longer For Sale
In a bombshell report brought to fans by the Minnesota Timberwolves’ PR team, then confirmed by ESPN’s Adrian Wojnarowski, it has been learned that Glen Taylor is no longer selling the franchise.
Taylor will remain the controlling owner after Marc Lore and Alex Rodriguez reportedly did not close on their option by the March 27th deadline. This has sparked controversy, with fans unsure of what to think.
Lore and Rodriguez agreed to purchase the Timberwolves at an evaluation of $1.5 billion. It allowed them to gain 20 percent of the team in July 2021, 20 percent more in 2022, and 40 percent more in 2023. Each year, they were able to purchase more ownership of the team.
Dyal Capital Partners were expected to come in to help finalize and finance the last purchase; Wojnarowski reported both Lore and Rodriquez had the necessary funds to complete this transaction, so money wasn’t the issue.
However, Wojnarowski did report that both sides were drifting apart and had not been as positive since they agreed to the sale in 2021. This has led to Taylor outright saying Minnesota’s franchise is no longer for sale.
According to The Athletic, mediation and arbitration will be needed to resolve any disputes concerning the fallout of this purchase. There is good news, though, for Lore and Rodriguez: they’ll be able to retain 40% of the ownership they already purchased.
This is due to the terms agreed to when the payments for the team were underway.
Here is Glen Taylor’s statement:
“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,” said Taylor. “The Timberwolves and Lynx are no longer for sale.”
Here is A-Rod’s and Lore’s statement:
“We are disappointed with Glen Taylor’s public statement today. 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.”
