Report: Wolves, Lynx ownership sale again delayed
Alex Rodriguez and Marc Lore will not complete their purchase of the Minnesota Timberwolves and Lynx Thursday, as was originally planned, according to a report from KSTP-TV's Darren Wolfson.
"Per Timberwolves and Lynx owner Glen Taylor: He's not sure when the closing date will be to finish the purchasing transaction with Marc Lore and Alex Rodriguez. But it won't be today, as was the plan. A different closing date will have to be agreed to later," Wolfson reported on X, the platform formerly known as Twitter.
When asked by an X user about the holdup, Wolfson wrote: "Well, Glen hasn't really had much dialogue on this with Marc and Alex for a while. So belief: They have to raise more capital. Shouldn't be super hard, but Glen says the closing date won't be today, as was planned."
The initial closing date of the sale was Dec. 31, 2023. That was pushed back to Feb. 29, 2024, and now it appears that finality is once again delayed.
Rodriguez and Lore began the process in July 2021 to become majority owners of the Wolves and Lynx. The duo's second payment to Taylor, a reported sum of $290 million in March 2023, brought their total stake in the basketball franchises to 40% – and the belief is that another $600 million is due to bring their stake to 80%.
But as Charley Walters of the Pioneer Press reported in his Feb. 24 column, Rodriguez and Lore might only wind up owning 24% because of significant backing from outside investors. Walters says Rodriguez and Lore will still hold the power to make decisions, but their official ownership stake will be well shy of 80%.
They agreed to purchase the Timberwolves and Lynx from Taylor at a $1.5 billion valuation, with Taylor reportedly set to hold onto 20% when all is said and done.
Feb 4, 2024; Minneapolis, Minnesota, USA; Minnesota Timberwolves & Lynx co-owner Alex Rodriguez smiles after his team defeats the Houston Rockets at Target Center.
© Bruce Kluckhohn-USA TODAY Sports
