National Basketball Association

Alex Rodriguez, Marc Lore won't become majority owners of Timberwolves, Lynx

Updated Mar. 28, 2024 11:58 a.m. ET

Alex Rodriguez and Marc Lore are no longer set to become the controlling owners of the Minnesota Timberwolves and the Minnesota Lynx.

The 90-day period for Rodriguez and Lore to close the sale expired on Wednesday, the Timberwolves announced on Thursday. Glen Taylor will remain the controlling owner of the team, he shared in a 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," Taylor said. "The Timberwolves and Lynx are no longer for sale."

Taylor added that "under certain circumstances" a limited extension could have been offered, but that didn't happen.

Rodriguez and Lore reportedly exercised their option to complete the purchase of their stake in the franchises ahead of a Dec. 31 deadline, likely triggering the 90-day period to close the sale.

However, after purchasing two stakes in the franchise in a pair of 20% installments, Rodriguez and Lore had complications financing the payments for their final installment to buy the franchises, which was a 40% stake. The NBA rejected a deal that would've allowed private equity firm Carlyle to help finance Rodriguez and Lore to complete their purchase of a majority stake in the franchise, Axios reported earlier in March.

The relationship between the Rodriguez/Lore partnership and Taylor has also disintegrated over the last two-plus years, ESPN reported. The prospective buyers of the franchises wound up raising enough money to purchase a controlling interest, but Taylor believes they didn't meet contractual deadlines during the process, ESPN added in its report.

Rodriguez and Lore entered an agreement to buy a majority stake in the Timberwolves and Lynx in April 2021 for a $1.5 billion valuation. When the agreement was made, the structure allowed Rodriguez and Lore to purchase the franchise in two separate 20% installments. They completed both payments as the partnership paid $290 million in their second 20% installment in March 2023.

Taylor, who's been the controlling owner of the Timberwolves since 1994 and has owned the Lynx since 1999, was set to keep a 20% stake in the team had Rodriguez's and Lore's purchase of the team gone through.

The news of Rodriguez's and Lore's failed purchase to receive a majority stake in the Timberwolves comes as the team is having its best season in decades. The Wolves are 50-22, sitting just a half-game back of first place in the Western Conference as Anthony Edwards has emerged as one of the game's top young stars.

Rodriguez is an employee of FOX Sports.

The Associated Press contributed to this report.

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