Minority owners of the Minnesota Timberwolves Basketball Club Marc Lore and Alex Rodriguez were unable to complete the protracted acquisition of the Timberwolves and the Lynx Club, the Timberwolves' partner in the National Basketball Association (NBA). This is reported by foreign media.
Former MLB superstar Alex Rodriguez and his business partner Mark Ent agreed to purchase Timberwolves for $1.5 billion in the spring of 2021. The deal provided for the repurchase of shares in three tranches, starting with 20% of shares in 2021. In 2023, Lohr and Rodriguez acquired another 20% and had to complete the payment of the last 40%, gaining control of the team on March 27, 2024.
However, there were problems with the final payment. Rodriguez and Lohr engaged the Carlyle Group to finance a $300 million deal, but Carlyle did not agree to certain NBA requirements for investors.
According to the statement of the owner of the Timberwolves and Lynx clubs Glen Taylor (Glen Taylor) The option to purchase a controlling stake for a period of 90 days expired on March 27, 2024 due to the failure to provide the necessary documents in accordance with the terms of the agreement. Glen Taylor stated that Timberwolves and Lynx are "no longer for sale."
Earlier, a deal to sell Timberwolves also did not take place. In 2020, Taylor planned to sell the club to a billionaire To Ryan Ryan Smith, but Smith, instead, decided to buy out the Utah Jazz club for $1.66 billion.
The Timberwolves are a professional basketball club from Minneapolis, Minnesota, playing for the National Basketball Association (NBA).
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