Alex Rodriguez and Marc Lore's Deal to Purchase Minnesota Timberwolves and Lynx Falls Through

Minnesota Timberwolves and WNBA's Lynx are no longer for sale after a deal with Alex Rodriguez and Marc Lore fell apart.

Minnesota Timberwolves and WNBA's Lynx Ownership Deal Falls Through

April 29, 2022

Ownership Deal Collapse

The much-anticipated ownership deal of the NBA's Minnesota Timberwolves and the WNBA's Lynx has fallen through. Former baseball great Alex Rodriguez and businessman Marc Lore's deal to acquire the teams has failed, leading the teams' owner Glen Taylor to announce on Thursday that the teams are no longer for sale.

Failed Financing

Rodriguez and Lore's ownership group, who currently own 40% of the Timberwolves, were unable to secure the necessary financing to close the deal by the deadline, which included a last payment of $600 million. The partners were in the process of acquiring an additional 40% to gain a majority stake in the teams.

Continued Efforts

Taylor expressed his commitment to work with Lore, Rodriguez, and the rest of the ownership group to ensure the teams have the required resources to compete at the highest levels. However, the failed deal has brought an end to the sale of the Timberwolves and Lynx.

Strained Relationships

Reports suggest that the relationship among Taylor, Lore, and Rodriguez had become strained since the initial deal was made in May 2021. The collapse of the financing agreement with the Carlyle Group further complicated the ownership transition.

Team Valuation and Performance

The Timberwolves, currently the 28th most valuable NBA franchise worth $2.94 billion, have seen a significant increase in their valuation in recent years. Taylor's reluctance to sell the team is understandable, especially with the team's current strong performance in the Western Conference, where they are in second place, having one of their best seasons in franchise history.

Historical Ownership

Taylor, who purchased the Timberwolves in 1994 for $94 million, has seen the team through its ups and downs but has never won an NBA Championship during his ownership tenure.