SEATTLE - In a big turn of events, Minnesota Timberwolves owner Glen Taylor will no longer be selling his controlling stake in the franchise to minority owners Marc Lore and Alex Rodríguez, as the relationship between both parties grew apart over the last two years. According to a statement released by the franchise, Taylor alleges Lore and A-Rod "failed to meet certain contractual deadlines and obligations of the sale process" thus creating a complicated relationship with majority owner Taylor.
The joint venture of Lore and Rodríguez was on pace to be a game-changing deal for Latinos in the world of professional sports in America. Already minority owners in the Timberwolves/Lynx franchises, both individuals were looking for an opportunity to purchase the rest of Taylor's stake since 2021.
Both Lore and Rodriguez told ESPN's Ramona Shelburne and Adrian Wojnarowski that they had met the financial obligations set by Taylor, including a final payment last week. "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," Lore and Rodriguez said. "Glen Taylor's statement is an unfortunate case of seller's remorse that is shortsighted and disruptive to the team and the fans during a historic winning season."
LINK 1: https://x.com/wojespn/status/1773370070430855244?s=20
If what they say is true, Taylor's refusal to sell the team could be heavily influenced by the Timberwolves' historic season so far. The team is currently the second seed in the Wester Conference after winning 50 of its 72 games. This is the first time the Timberwolves have won 50 games in a season since 2003-04, where they got a franchise-record 58 wins.
With Lore and Rodriguez' ambitions of becoming majority owners halted, only three other individuals that identify themselves as Latinos currently hold a majority stake at a team across the U.S. major leagues (NFL, MLB, NBA, NHL, MLS).
LINK 2: https://www.tiktok.com/@espn/video/7339022611571133739
Arturo Moreno, who owns the Los Angeles Angels, broke barriers becoming the first Latino owner of a major sports franchise in the United States after completing the deal in 2003. With Moreno as the pioneer, others followed his footsteps. Cuban American Alex Meruelo ventured into the NHL and became the majority owner of the Arizona Coyotes in 2019.
The latest member to join this selected group was Jorge Mas. He became the latest individual of Latino descent to hold majority ownership of a professional team when Inter Miami CF entered Major League Soccer in 2020. Acting as the managing owner of the club, the Cuban American has formed a strong alliance with co-owners David Beckham and his brother Jorge Mas.
If Lore and A-Rod wish to proceed with their dream of becoming majority owners, it seems like it will require much more than the original $1.5 billion price set by Taylor in 2021. Since their agreement started, NBA franchise values have gone up astronomically, with the Phoenix Suns selling for $4 billion, the Dallas Mavericks for $3.5 billion and Michael Jordan's Charlotte Hornets for $3 billion.
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