NBA: Minnesota Timberwolves No Longer For Sale, Owner Glen Taylor Says Achi-News

The ownership transition of the Minnesota Timberwolves ended when Glen Taylor announced Thursday that he would not take the final step of his $1.5 billion deal to give Marc Lore and Alex Rodriguez a majority stake because they did not meet with everyone. of the closing dates in the conditions of sale.

Lore and Rodriguez, who agreed to buy nearly three years ago, strongly disagreed with Taylor’s position. They said he had cold feet about letting go.

“We went through the process, and I spent a lot of time. We’ve got a really good team, we’ve got a lot of good things going for us, I’m enjoying it and I’m healthy enough to do this,” Taylor said in an interview with The Associated Press after the announcement. “I don’t need the money, so I think I’ll keep running it and enjoy it. I like my coach. I like my staff. That way everyone gets to keep their jobs, and I’ll be happy.”

Lore, the e-commerce entrepreneur, and Rodriguez, a former Major League Baseball star, issued a joint statement expressing disappointment in Taylor and arguing that they had confirmed the end of the deal that was to include the WNBA’s Minnesota Lynx as well. Lore and Rodriguez already own a 40% stake.

“We have fulfilled our obligations, we have all the necessary financing and we are fully committed to closing our purchase of the team as soon as the NBA has completed its approval process,” the partners said. “Glen Taylor’s statement is an unfortunate case of short-sighted seller’s remorse that is disrupting the team and fans during a historic winning season.”

The Timberwolves (50-22) beat Detroit on Wednesday to reach the 50-win mark for just the fifth time in the franchise’s 35-year history. They are tied for second place in the Western Conference with Oklahoma City, a half game behind Denver.

Taylor, who turns 83 on April 20, bought the Timberwolves for $88 million in 1994 to keep them in his native Minnesota after a deal struck by the previous owners to move the team to New Orleans fell through . He’s a self-made billionaire who grew up on a farm and became a printing executive after a job at a wedding invitation shop he got himself through college started.

Before Lore and Rodriguez entered the picture, Taylor had flirted with selling several times only to take the club off the market. After reaching an agreement, Taylor was enthusiastic about the connection he made with them and how comfortable he felt handing over the reins to them. They bought about 20% of the franchise in 2021 and another share of about 20% in 2023.

The unique and intentional transfer was orchestrated by both sides, giving Taylor a chance not only to ease his way out of a role he has cherished since rescuing the struggling franchise but also to serve as a mentor to the new owners about the business of the league and the culture of the community.

“It’s all about the fans in Minnesota. I think they deserve a winner,” Rodriguez said in that interview.

The partners exercised their option on December 28 to buy another 40% and become controlling owners, and the deal gave them a 90-day window to close the sale which closed on Wednesday. Taylor said he decided to cancel the contract for this third and final part of the sale because Lore and Rodriguez missed certain deadlines related to the closing process.

“So we said, ‘Let’s just leave it as is,'” Taylor said. “They’re limited partners, and that’s fine with me. They will make good on their investment, and we will keep it as it has been.”

Forbes valued the Timberwolves at $2.5 billion in its latest projections for NBA clubs published at the start of the season.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – AFP)