Glen Taylor’s recent announcement regarding the Minnesota Timberwolves suggests a significant shift in direction, as he has declared that the franchise, along with the WNBA’s Minnesota Lynx, is no longer up for sale.
This decision comes amid the expiration of the option for Alex Rodriguez and Marc Lore to acquire controlling interests in both teams.
Taylor asserts that the 90-day window for Rodriguez and Lore to finalize the deal has lapsed, leading to his decision to retain ownership. Rodriguez and Lore, however, contend that they have fulfilled all obligations and attribute Taylor’s reversal to what they deem as “seller’s remorse.”
Reports indicate that Taylor’s change of heart may be linked to the Timberwolves’ recent success, with the team emerging as a championship contender and boasting Anthony Edwards, one of the NBA’s premier players. Additionally, Taylor perceives a substantial increase in the franchise’s value since initially agreeing to the sale to Rodriguez and Lore in 2021.
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With a record of 50-22, the Timberwolves are in close contention for the top spot in the Western Conference, trailing the Denver Nuggets by only a half-game.
Taylor, who has held majority ownership of the Timberwolves since 1994, had agreed to sell the franchise to Rodriguez and Lore for $1.5 billion, to be paid in three installments. Rodriguez and Lore had already made two payments and acquired a 40 percent stake in the team, with the third installment intended to grant them an 80 percent stake.
Recent reports suggest that Rodriguez and Lore faced challenges in securing a new financial backer for the final payment after their initial investor withdrew support.
Given the circumstances, it appears likely that Taylor and Rodriguez/Lore are headed towards a legal dispute. In the meantime, Taylor retains control of the Timberwolves.
