For weeks now, fans of the Minnesota Timberwolves have been awaiting the sale of their beloved team to minority owners Marc Lore and Alex Rodriguez. But the deal for their purchase of the team is officially dead.
On Thursday morning, Taylor announced that he is no longer selling his controlling stake in the franchise to Lore and Rodriguez after their offer fell through.
Both Lore and Rodriguez, who are already minority owners, have planned to purchase the T-Wolves for the last couple of years now. They had promised to purchase 80% of the team for about $1.5 billion, paying that amount to Taylor in installments.
A private investing firm that was going to help the purchase move along pulled out of the deal recently and another approach to paying didn't come together in time for Thursday's date. Therefore, the Timberwolves will remain owned by Taylor for the time being.
Following Taylor's announcement about the canceled deal, both Lore and Rodriguez released their own.
"We are disappointed with Glen Taylor's public statement today," Lore and Rodriguez said. "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."
They added, "Glen Taylor's statement is an unfortunate case of seller's remorse that is shortsighted and disruptive to the team and the fans during a historic winning season."
The Timberwolves are having one of their best seasons ever, earning a 50-22 record and just a half-game out of first place in the Western Conference. Did their newfound success have an impact on Taylor's decision to not sell the team?
Marc Lore and Alex Rodriguez call out owner Glen Taylor after their purchase of the Timberwolves fall short: “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…
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