Timberwolves, Lynx 'no longer for sale' as deal with Alex Rodriguez, Marc Lore falls through

Glen Taylor will remain as the controlling owner of the NBA's Minnesota Timberwolves and WNBA's Minnesota Lynx after former MLB player Alex Rodriguez and entrepreneur Marc Lore missed a deadline to buy a controlling interest.

Lore and Rodriguez, who currently own 40%, were seeking to acquire an additional 40% ($600 million) to take over the majority share but did not meet a Wednesday deadline per an agreement with Taylor.

Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur.

"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 a statement. "The Timberwolves and Lynx are no longer for sale."

In 2021, Lore and Rodriguez agreed to purchase the franchises for $1.5 billion. They had 90 days to complete the final step of the sale after informing Taylor in December 2023 of their intent to acquire an additional 40% to increase their stake to 80% and take over as controlling owners.

The terms of the 2021 deal had Lore and Rodriguez purchase a 20% stake with three more future options: one for another 20%, and then a 40% stake that would turn over control before closing a deal on the final 20%. Each option would have to be exercised by the end of the calendar year and close within 60-90 days.

Last week, Lore and Rodiguez partnered with Dyal Capital to finance the stake increase from 40% to 80%. That came after the Carlyle Group backed out of its $300 million investment after being unable to reach an agreement with the NBA.