The proposed sale of the T-Wolves to A-Rod and Marc Lore collapses as Glen Taylor withdraws the NBA team from the market.
The transfer of ownership for the Minnesota Timberwolves came to an abrupt halt when Glen Taylor announced on Thursday that he would not proceed with the final steps of the $1.5 billion deal to transfer the majority stake to Marc Lore and Alex Rodriguez. Taylor cited the failure to meet all the deadlines outlined in the sale conditions as the reason for his decision.
Lore and Rodriguez, who had agreed to purchase the team nearly three years ago, strongly disagreed with Taylor’s position, asserting that he simply had a change of heart about relinquishing control.
In an interview with The Associated Press following the announcement, Taylor stated, “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 enjoy it and I’m healthy enough to do this.” He further added, “I don’t need the money, so I think I’ll just keep running it and enjoy it. I like my coach. I like my staff. This way everybody gets to keep their jobs, and I’ll be happy.”
Lore, the e-commerce entrepreneur, and Rodriguez, the former Major League Baseball star, issued a joint statement expressing their disappointment in Taylor’s decision and affirming that they have fulfilled their obligations and secured all necessary funding to complete the purchase. They reiterated their commitment to finalizing the deal as soon as the NBA completes its approval process. The partners criticized Taylor’s statement as an instance of seller’s remorse that is detrimental to the team and its fans, particularly during a successful season.
