- Last week, Rodríguez and Lore lost $300 million in financing for the deal.
- The team’s current owner said the Timberwolves are “no longer for sale”
- DailyMail.com provides the latest international sports news.
<!–
<!–
<!–
<!–
<!–
<!–
Alex Rodriguez and his partner Marc Lore’s chances of purchasing a majority stake in the Minnesota Timberwolves appear to be over, as the team’s current owner, Glen Taylor, said the franchise is no longer for sale.
Lore and Rodriguez recently had to scramble to find $300 million to help finance the deal after an equity group supporting them abandoned the deal.
The terms of the agreement between the couple and Taylor were to be finalized within 90 days, which expired Wednesday, according to a team statement.
The deal also would have included ownership of the WNBA’s Minnesota Lynx.
“I will continue to work with Marc, Alex and the rest of the ownership group to ensure our teams have the resources necessary to compete at the highest level on and off the court,” Taylor said in a statement. “The Timberwolves and Lynx are no longer for sale”.
Rodríguez and Lore were close to securing ownership of the WNBA Timberwolves and Lynx
Rodríguez and Lore already have a 40 percent stake in the team but failed to win more.
Rodriguez and Lore could have been given a limited extension to finance the purchase, but that did not happen, according to a team statement.
Lore and Rodríguez already controlled 40 percent of the team, and their latest agreement seeks to bring the couple’s total to 80 percent.
Rodriguez and Lore reached a deal with Timberwolves majority owner Glen Taylor in 2021 to buy the basketball teams for about $1.5 million.
The Timberwolves were last valued at $2.8 billion. by Sporticoand Rodríguez and Lore paid a little more than half that amount to buy the franchise.
Lore and Rodríguez had been raising money for the sale worth $2.1 billion, according to Sportico.
Rodriguez’s post-baseball career has been dominated by broadcasting and entrepreneurship.
Acquiring the Timberwolves and Lynx would have been Rodriguez’s first ownership of a professional sports team after he failed to purchase the New York Mets in 2020.