Unexpected Reversal
The potential acquisition of the NBA team, the Timberwolves, by baseball legend Alex Rodriguez, commonly known as “A-Rod,” and former Walmart executive Marc Lore, was thrown into uncertainty when the current owner, Glen Taylor, announced on March 28th that he would no longer sell the team to A-Rod and Lore. This sudden reversal by Taylor left A-Rod and Lore disappointed, but they emphasized their commitment to completing the purchase as soon as possible.
Origins of the Deal
The plan for A-Rod and Lore to acquire the Timberwolves and the WNBA team, the Lynx, began in 2021. Currently, the duo holds a 40% stake in the Timberwolves, with rumors last year suggesting they would acquire an additional 40%, giving them an 80% ownership stake in the team. However, just one week after submitting documents to the league to prove their ability to complete the $1.5 billion deal, there was a surprising turn of events.
Taylor’s Announcement
Taylor, the current owner of the Timberwolves, released a statement stating that A-Rod and Lore had failed to complete the purchase of the final 40% ownership stake within the 90-day deadline specified in the contract, which was set for March 27th. Consequently, Taylor declared that the Timberwolves and the Lynx would no longer be for sale.
Response from A-Rod and Lore
In response to Taylor’s statement, A-Rod and Lore issued a joint statement expressing their disappointment. They asserted that they had fulfilled their obligations, prepared the necessary funds, and were fully committed to completing the purchase of the team as soon as it was approved by the NBA. They criticized Taylor’s statement as a regrettable case of seller’s remorse, describing it as short-sighted and disruptive to the team and fans during what has been a historic season.
Resolution Process
Sources within the league informed The Athletic that disputes of this nature can be resolved through mediation and arbitration, although the duration of such processes is uncertain. According to the agreement, A-Rod and Lore will retain their already purchased 40% stake in the Timberwolves.
Impressive Season Performance
The Timberwolves currently boast a record of 50 wins and 22 losses, placing them second in the Western Conference, trailing the conference leaders, the Nuggets, by just 0.5 games. This marks their best season performance in 20 years. (JILIEVO)
