On Thursday, Alex Rodriguez and Marc Lore were scheduled to finalize the deal.
According to Darren Wolfson of KSTP-TV, Alex Rodriguez and Marc Lore will not be completing their acquisition of the Minnesota Timberwolves and Lynx on Thursday as scheduled.
“According to Glen Taylor, the owner of the Timberwolves and Lynx, he is unsure of the closing date for the acquisition of Marc Lore and Alex Rodriguez. But as planned, it won’t happen today. A later agreement will need to be reached over a revised ending date,” Wolfson wrote on X, the website that was originally known as Twitter.
Wolfson replied, “Well, Glen hasn’t really had much dialogue on this with Marc and Alex for a while,” in response to a question from an X user regarding the delay. Belief: They need to raise additional funds. Although Glen believes the closing date won’t be today as scheduled, it shouldn’t be too difficult.”
The sale’s original closing date was December 31, 2023. That was postponed until February 29, 2024, and it now seems that finality will be delayed once again.
In July 2021, Rodriguez and Lore started the process of taking over as the Wolves and Lynx’s majority owners. After the pair paid Taylor a reported $290 million in March 2023, their total ownership percentage in the basketball teams was reduced to 40%. It is estimated that they still owe the teams another $600 million to increase their ownership to 80%.
However, due to strong support from outside investors, Rodriguez and Lore may only end up holding 24%, as noted by Pioneer Press columnist Charley Walters in his piece from February 24. According to Walters, Rodriguez and Lore will continue to have decision-making authority, but their formal ownership share will be far less than 80%.
They reached an agreement to buy the Timberwolves and Lynx from Taylor for an estimated $1.5 billion, with Taylor expected to retain 20% of the deal.
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