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Tuesday, April 23, 2024

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Alex Rodriguez’s Bid for Timberwolves and Lynx Fizzles as Ownership Deal Collapses

The NBA’s Minnesota Timberwolves and the WNBA’s Lynx are no longer up for sale, as the deal with former baseball star Alex Rodriguez and businessman Marc Lore has fallen through. The ownership group, which included Rodriguez and Lore, failed to secure the necessary financing to close the deal by the deadline, which was Wednesday.

Glen Taylor, the owner of the teams, stated that he will continue to work with Lore, Rodriguez, and the rest of the ownership group to ensure that the teams have the resources needed to compete both on and off the court. With the failure to close the deal, Taylor announced that the Timberwolves and Lynx are no longer for sale.

The purchase agreement required a closing by Wednesday, including a final payment of $600 million. While the buyer could have been entitled to a limited extension under certain circumstances, those circumstances did not occur.

Rodriguez and Lore had previously reached an agreement with private equity firm the Carlyle Group to assist with financing, but that arrangement also fell through. The original deal, struck in May 2021, was for the purchase of the Timberwolves and Lynx for $1.5 billion in a multipart transaction.

Reports suggest that the relationship among Taylor, Lore, and Rodriguez became strained since the original agreement was made. Taylor may have reconsidered selling the team given the increase in its valuation in recent years. The Timberwolves, currently valued at $2.94 billion, are experiencing one of their best seasons, currently in second place in the Western Conference.

The NBA and Rodriguez did not immediately respond to requests for comment.

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Ruben Jay
Ruben Jay
Ruben Jay is an American broadcaster, media blogger, and podcast host. Currently, Ruben is the President of MultiMediaMouth.com and the executive producer and host of the popular podcasts You’re My Best Friend and ON AIR with Ruben Jay, exclusively on MultiMediaMouth.com. Follow Ruben on Instagram, Twitter, and Tiktok @TheRubenJay.

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