• Loading stock data...
Tuesday, April 16, 2024
  • -
    days
  • -
    hours
  • -
    minutes
  • -
    seconds

Alex Rodriguez–Led Bid for Majority Control of Timberwolves Falls Through

  • Rodriguez had a 90-day window to complete the final transaction for a majority stake.
  • He and his business partner, Marc Lore, had been in a scramble to find additional capital after an investment firm backed out. 
Kevin Jairaj – USA TODAY Sports

Alex Rodriguez has had better Opening Days. 

The former baseball star has missed his window to buy a majority stake in the Timberwolves, alongside his business partner, Marc Lore. 

Glen Taylor, Minnesota’s current owner, released a statement confirming that the purchase—including the WNBA’s Minnesota Lynx, also owned by Taylor—had fallen through.

“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 in the statement. “The Timberwolves and Lynx are no longer for sale.”

Rodriguez and Lore still own 40% of the teams.

The terms of the purchase agreement, which was previously agreed upon, required the sale to be completed within a 90-day window that closed Wednesday. “Under certain circumstances, the buyer could have been entitled to a limited extension” to get more capital, Taylor said in his statement. “However, those circumstances did not occur.”

Last week, Rodriguez and Lore lost the backing of the Carlyle Group investment firm, which was set to provide $300 million in capital to complete the purchase. Afterward, The Athletic reported that the pair were getting backed by Dyal Capital Partners and had submitted the paperwork for approval.

Rodriguez and Lore first purchased 20% of the team in 2021, in a deal that valued the team at $1.5 billion. They bought another 20% chunk last year. The former Yankees star had long expressed interest in owning a sports team. Had the purchase gone through, Rodriguez and Lore would have owned 80% of the franchise. The saga comes amid one of the franchise’s best seasons as the T-Wolves are currently 50–22, which has them at second place in the Western Conference, as of Thursday, and just a half game out of first. 

“We are disappointed with Glen Taylor’s public statement today,” Rodriguez and Lore said in a statement. “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. Glen Taylor’s statement is an unfortunate case of seller’s remorse that is short sighted and disruptive to the team and the fans during a historic winning season.”

The “seller’s remorse” Rodriguez and Lore mention could refer to the fact that the team’s value has likely significantly increased since the pair bought in at a $1.5 billion valuation in 2021.


Editors’ note, Mar. 28, 12:59 p.m. ET: This story has been updated with a statement from Rodriguez and Lore.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

The WNBA Has Huge Ambitions as Caitlin Clark Finally Comes Aboard

Commissioner Cathy Engelbert is aware of the moment in front of the league.

Caitlin Clark’s WNBA Chapter Officially Opens as No. 1 Overall Pick

Clark’s professional career is starting as a member of the Indiana Fever.

Star-Studded NBA Play-In a Potential Ratings Boon for ESPN and TNT

The initial portion of the NBA postseason features three former MVPs.

NBA’s Two Tourneys Drive Record Attendance

Total attendance for the 2023–24 season, which ended Sunday, was 22,538,518.
podcast thumbnail mobile
Front Office Sports Today

Inside the Most-Hyped WNBA Draft in History

0:00
0:00

Featured Today

Women’s Basketball Finally Has a TV Deal to Match the Excitement. Now What?

A lucrative new media-rights contract could rectify problems of the past, but the future of March Madness media rights is anyone’s guess.
Mar 16, 2024; Washington, D.C., USA; North Carolina State Wolfpack forward DJ Burns Jr. (30) cuts the net after defeating the North Carolina Tar Heels for the ACC Conference Championship at Capital One Arena.
April 6, 2024

How Two College Seniors Helped DJ Burns Cash In on a Final Four Run

Two college seniors are facilitating deals for NC State’s big man.
Mar 31, 2024; Portland, OR, USA; NCAA officials measure the three point line while coaches from the Texas Longhorns and NC State Wolfpack watch with referees in the finals of the Portland Regional of the NCAA Tournament at the Moda Center center.
April 1, 2024

NCAA Has No One to Blame for Latest Women’s March Madness Transgressions

NCAA is still making avoidable mistakes three years after a complete overhaul.
Nov 16, 2015; Bloomington, IN, USA; General view of the championship banners at Assembly Hall prior to the game between Austin Peay and Indiana.
March 31, 2024

How to Make It in Basketball: Become a Manager at Indiana

Inside the Hoosiers’ unglamorous, profoundly rewarding incubator for basketball’s biggest names.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Nike
Multiple - USA Careers
NBA
Multiple - USA Careers
Dunham's Sports
Multiple - USA Careers

Salt Lake City About to Land NHL’s Coyotes (Minus Their Name)

Salt Lake City’s NHL franchise will have a new name.
April 10, 2024

WNBA Has New Commercial Partner: Over-the-Counter Birth Control

WNBA teams up with FDA-approved over-the-counter birth control.
Ken Goldin
April 10, 2024

Goldin Auctions Acquisition by eBay Sparks Showdown With Fanatics

The online giant acquires the prominent high-end sports memorabilia auction house.
Sponsored

Rapid Returns: How Technology Is Getting You Back to Your Seat

How Oracle’s POS technology is helping fans get back to their seats faster.
April 8, 2024

WNBA Commish Wants New Media-Rights Deal to Double Old One

The media-rights deal expires in 2025 to coincide with the Caitlin Clark effect.
April 4, 2024

WTA Finals Latest Sporting Event To Take Saudi Millions

Players can still wear normal attire, WTA says.
April 4, 2024

Taking a Toll: NYC Marathon Bridge Dispute Spotlights Debate Over Public Support for Sports

A local transportation authority demands money from organizers of the TCS New York City Marathon.
April 3, 2024

ATP-WTA Merger Talks Stalling Potential Tennis Expansion in U.S.

Saudi money could bring the tours together with a $2 billion bid.