Minnesota Timberwolves owner Glen Taylor has announced that he will not be selling his controlling stake in the franchise to minority owners Marc Lore and Alex Rodriguez. The decision comes after Taylor claimed that Lore and Rodriguez did not meet certain contractual deadlines and obligations during the sale process that began in 2021.
Sources have revealed that the relationship between Taylor and his potential successors has deteriorated over the past two years. Despite this, Minnesota Timberwolves are currently enjoying one of their best seasons in recent memory, sitting just half a game out of first place in the Western Conference with a record of 50-22.
In response to Taylor's announcement, Lore and Rodriguez have stated that they have fulfilled their financial obligations, including a final payment made last week. The initial agreement in 2021 involved the sale of the Timberwolves and the WNBA's Minnesota Lynx for $1.5 billion, with a gradual transfer of power over several years as Lore and Rodriguez made payments.
Lore and Rodriguez expressed disappointment with Taylor's decision, asserting that they have the necessary funding and are committed to finalizing the purchase once the NBA completes its approval process. They criticized Taylor's statement as an act of 'seller's remorse' that could disrupt the team and its fans during a successful season.
Since the sale process began in 2021, NBA franchise values have surged, with the Phoenix Suns selling for $4 billion, the Dallas Mavericks for $3.5 billion, and the Charlotte Hornets for $3 billion. Despite Taylor's decision not to sell the franchise, he has pledged to continue working with Lore, Rodriguez, and the rest of the ownership group to ensure that the teams have the resources needed to compete at the highest levels both on and off the court.
