Minnesota Timberwolves and Lynx not for sale as Lore, Rodriguez fail to meet deadline
In a surprising turn of events, owner Glen Taylor announced on Thursday that the Minnesota Timberwolves and Minnesota Lynx are no longer up for sale. Prospective buyers Marc Lore and Alex Rodriguez were unable to meet the deadline to close the deal they had agreed to in 2021.
The duo had agreed to purchase a majority stake in the franchises for a whopping $1.5 billion, with the acquisition supposed to be finalized by Wednesday. However, the deadline passed without the deal being completed, leading to Taylor confirming the expiration of Lore and Rodriguez’s option to acquire controlling interest in the Timberwolves and Lynx.
Taylor’s relationship with the potential buyers had reportedly soured during the transition period, although Lore and Rodriguez insist they have fulfilled their obligations and have the necessary funding to complete the purchase as soon as NBA approval is granted. The agreement between the parties states that any disputes are to be resolved through mediation and arbitration.
Lore and Rodriguez had initially purchased a 40% stake in the franchises and were expected to increase their ownership to 80% this week. Despite reports of the Carlyle Group pulling a $300 million investment, Lore and Rodriguez managed to secure backing from Dyal Capital Partners to move forward with the deal.
The Timberwolves, currently boasting an impressive 50-22 record, are in the midst of a strong season and are competing for the top seed in the Western Conference. The team secured recent contract extensions for key players, leading to projections of a significant increase in the team’s payroll for the upcoming season.
While the future ownership of the franchises remains uncertain,v fans are eagerly awaiting further developments in this ongoing saga. Stay tuned to Road Rug Cars for more updates on this breaking story.
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