The Minnesota Timberwolves and Lynx are going to continue to be owned by Glen Taylor. That news confirmed by the team Thursday morning saying that the 90-day "closing" on the purchase of the franchise by Marc Lore and Alex Rodriguez had expired Wednesday without a purchase agreement being fulfilled.
The 82-year old Taylor goes on to say the team is no longer for sale. He purchased the team in 1994.
“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.”
Taylor adds that they could have been entitled to a limited extension, something Taylor had agreed to previously.
"However those circumstances did not occur," said the statement from Taylor.
In December, Taylor said he expected Lore and Rodriguez to wrap up the purchase by the end of the year, purchasing another 40% of the franchise to take over the majority stake in the Wolves and Lynx.
The Lore-Rodriguez financing had fallen through with the loss of around $300 million in financial backing three weeks ago. But reports at the time suggested another group had stepped in to provide them with the needed money to continue the purchase.
There's no word on if whatever financing they thought they had put together has fallen through, or they had second thoughts.
The final payment to complete the purchase was scheduled for March 27, which would have finalized a process that began in 2021. Lore and Rodriguez have made two installments, each purchasing 20% of the franchise, which was valued at $1.5 billion.
It appears now that they'll remain a minority owner along with several others, with Taylor maintaining majority control.