The transfer of majority control of the Minnesota Timberwolves and Minnesota Lynx from owner Glen Taylor to Alex Rodriguez and Marc Lore is reportedly behind schedule.
Timberwolves, Lynx sale reportedly delayed
Owner Glen Taylor had said the sale would close Feb. 29.
The Minnesota Star Tribune
March 1, 2024 at 11:49PM
Taylor had said the sale would close Feb. 29, after an initial delay from Dec. 31. But those plans changed, KSTP-TV sports reporter Darren Wolfson tweeted Thursday on X, the social platform formerly known as Twitter. It’s unclear when the transaction might now be completed.
“A different closing date will have to be agreed to later,” Wolfson reported Taylor as saying.
The Timberwolves declined to comment, and messages to Taylor through his company, Taylor Corp., went unanswered. Messages to A-Rod Corp., Rodriguez’s investment company, and representatives of Lore were also not returned.
In March 2023, Lore and Rodriguez announced they had assumed 40% ownership of the teams and were on track to assume majority control in 2024. The sale price was $1.5 billion.
The Timberwolves are valued at $2.5 billion, the second-lowest of the 30-team league, but still nearly four times the team’s value a decade ago, according to Forbes.
The NBA previously stated the transaction will close following league approval. The third and final payment from Lore and Rodriguez to Taylor was due Dec. 31, Forbes previously reported.
Carlyle Group, a Washington, DC-based investment firm, has reportedly entered talks with Lore and Rodriguez to help finance the deal. Carlyle Group also declined to comment.
Taylor, who also owns the Star Tribune, acquired the Timberwolves in 1994.
The facility will convert agriculture and timber waste into jet fuel.
