• Loading stock data...
Thursday, December 12, 2024
The 2024 Best Employers in Sports Award winners have been announced! See the full list of winners

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

Bill Belichick to Take College Plunge at North Carolina

UNC made the official announcement late Wednesday.
Dec 4, 2024; Miami, Florida, USA; Miami Heat forward Jimmy Butler (22) looks to pass against Los Angeles Lakers forward LeBron James (23) in the first half at Kaseya Center.

Heat Open to Jimmy Butler Trades, but Here’s Why Deal Will Be..

The Heat are reportedly “open” to hearing trade offers for Butler.
Nov 3, 2024; Harrison, New Jersey, USA; New York Red Bulls midfielder Lewis Morgan (9) heads a ball during the first half against the Columbus Crew in a 2024 MLS Cup Playoffs Round One match at Red Bull Arena.

MLS Team to Play in ‘Sports Illustrated Stadium’ in $100M Naming Deal

It’s a partnership with a sister ticketing platform company, not the magazine.

Featured Today

Nov 2, 2024; Denver, Colorado, USA; Detailed view of a Wilson NBA basketball held by a referee during the second half between the Utah Jazz against the Denver Nuggets at Ball Arena

‘Obvious Weak Point’: Refs Remain an NBA Gambling Concern

A season after Jontay Porter, the biggest risk may not be players.
Nov 2, 2024; Ann Arbor, Michigan, USA; Michigan Wolverines cheerleader runs with a flag before the game against the Oregon Ducks at Michigan Stadium.
opinion
December 7, 2024

College Football’s Billionaire Backer Era Begins

Is this the new normal in CFB recruiting?
LA Galaxy forward Dejan Joveljic (9) celebrates with midfielder Riqui Puig (10) after scoring a goal against Seattle Sounders FC in the second half in the 2024 MLS Cup Western Conference Final match at Dignity Health Sports Park
December 6, 2024

With or Without Messi, Major League Soccer Is Barreling Into the Future

After the Cup final, the league looks to accelerate its growth.
Dec 18, 2022; Lusail, Qatar; FIFA president Gianni Infantino claps during the awards ceremony after the 2022 World Cup final between Argentina and France at Lusail Stadium.
December 2, 2024

FIFA Wants More Matches. Resistance Is Growing Inside the Global Soccer World

Resentment and frustration over expanded schedules is nearing a breaking point.
exclusive

Talor Gooch Using LIV Golf Fortune to Start Building Sports Empire

The golfer has made more than $43 million individually from LIV.
November 13, 2024

Why Liberty Media Spun Off Assets, Shook Up Leadership

Longtime CEO Greg Maffei is stepping down at the end of the year.
December 4, 2024

U.S. Firm Makes $310M Bet on Soccer by Forming Superagency

The U.S.-based investment company makes a significant play in international soccer.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
Oct 27, 2024; Seattle, Washington, USA; Buffalo Bills quarterback Josh Allen (17) passes against the Seattle Seahawks during the second quarter at Lumen Field.
October 30, 2024

Buffalo Bills in Talks to Sell Stake to PE Firm Arctos: Report

Arctos already has a slice of Paris Saint-Germain and the PGA Tour, among other assets.
Jul 7, 2021; Tampa, Florida, USA; Tampa Bay Lightning owner Jeff Vinik hoists the Stanley Cup after the Lightning defeated the Montreal Canadiens 1-0 in game five to win the 2021 Stanley Cup Final at Amalie Arena.
October 25, 2024

Lightning Sell at $1.8B Valuation, Nearly Double Prior NHL Record

The Lightning unveiled a multistep and multiyear sale process.
May 24, 2024; Minneapolis, Minnesota, USA; Dallas Mavericks owner Mark Cuban celebrates after defeating the Minnesota Timberwolves in game two of the western conference finals for the 2024 NBA playoffs at Target Center.
October 9, 2024

Why Mark Cuban Sold the Dallas Mavericks When He Did

Cuban sold his majority stake to the Adelson family in December 2023.
Young fans look over Michigan State sports equipment on display during the Spring Showcase on Saturday, April 20, 2024, at Spartan Stadium in East Lansing.
October 2, 2024

Private Equity Firms Buy Rival Hockey Brands CCM and Bauer

Both brands have been around for decades and changed ownership in the same week.