Glen Taylor will remain as controlling owner of the Minnesota Timberwolves after Marc Lore and Alex Rodriguez did not close on their option by the March 27th deadline.
Lore and Rodriguez agreed to purchase the Wolves in 2021 at a valuation of $1.5 billion. The deal allowed them to purchase 20 percent of the team in July 2021, 20 percent more in 2022 and 40 percent more in 2023.
Lore and Rodriguez were expected to have Dyal Capital Partners finance the final purchase.
“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,” said Taylor. “The Timberwolves and Lynx are no longer for sale.”
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