NBA: Glen Taylor, the owner, says the Minnesota Timberwolves are no longer for sale

When Glen Taylor said on Thursday that he would not complete the last phase of his drawn-out $1.5 billion agreement to give Marc Lore and Alex Rodriguez the majority interest because they didn’t satisfy all of the dates under the selling terms, the ownership transfer of the Minnesota Timberwolves came to an abrupt stop.

Taylor was vehemently opposed by Lore and Rodriguez, who approved the acquisition over three years ago. They stated he just wasn’t comfortable letting go.

“I invested a lot of time throughout the process that we went through. Following the news, Taylor said in an interview with The Associated Press, “I enjoy it and I’m healthy enough to do this. We have a really good team and a lot going for us.” “Since I don’t need the money, I want to continue operating it and taking pleasure in it. My coach is nice. I like my employees. I’ll be pleased if everyone can maintain their employment in this manner.

The former Major League Baseball player Rodriguez and the e-commerce mogul Lore jointly released a statement expressing their unhappiness with Taylor and arguing that they had kept their half of the bargain, which was supposed to include the WNBA’s Minnesota Lynx. Already, Lore and Rodriguez own around 40% of the company.

“We are prepared to close our purchase of the team as soon as the NBA completes its approval process. We have met our obligations and have all the necessary funding,” the partners said. “Glen Taylor’s remarks, made during a historic winning season, are a sad example of seller’s remorse that is shortsighted and disruptive to the team and the fans.”

In their 35-year existence, the Timberwolves (50-22) have just five times in their history reached the 50-win milestone: on Wednesday, they defeated Detroit. They trail Denver by a half-game and are tied for second place in the Western Conference with Oklahoma City.

Taylor, who will age 83 on April 20, paid $88 million to acquire the Timberwolves in 1994 in order to retain them in his home state of Minnesota after an agreement to transfer the club to New Orleans broke down. He is a self-made millionaire who was raised on a farm and rose to prominence in the printing industry after taking a job at a store that provided him with college funds.

Taylor had made many attempts to sell the club before Lore and Rodriguez entered the picture, but he eventually pulled the club off the market. Taylor was ecstatic with his relationship with them and how at ease he felt giving them the reins when they came to an agreement. In 2021, they acquired around 20% of the franchise, and in 2023, they acquired another 20%.

Both sides carefully considered and planned the transfer, which allowed Taylor to serve as a mentor to the new owners about league operations and community culture, in addition to helping him transition out of a role he has loved since saving the struggling team.

In Minnesota, the fans are everything. In that interview, Rodriguez said, “I believe they should have a winner.”

The deal allowed the partners a ninety-day window to finish the transaction, which expired on Wednesday, but they exercised their option on December 28 to acquire an additional 40% and take control of the company. Because Lore and Rodriguez missed several dates associated with the closing procedure, Taylor said he made the decision to nullify the contract for this last and third part of the transaction.

Taylor said, “So we just decided to leave things as they are.” They are limited partners, which is OK to me. We’ll simply maintain things as they are, and they will profit handsomely from their investment.

In its most recent estimates for NBA teams, which were released before the start of the season, Forbes valued the Timberwolves at $2.5 billion.