Alex Rodriguez Misses Payment For Minnesota Timberwolves

MINNEAPOLIS (AP) — The Minnesota Timberwolves will evidently remain in the control of owner Glen Taylor, after he announced Thursday that a deal where Marc Lore and Alex Rodriguez would have acquired the controlling stake in the team has expired.

Taylor agreed to sell the Timberwolves for $1.5 billion in 2021 to Lore and Rodriguez, who then began the purchase by acquiring 20% of the franchise. Lore became Walmart’s e-commerce chief in 2016; Rodriguez is one of baseball’s all-time home run leaders and has become an investor in a variety of businesses since, plus is a trustee at the University of Miami.

The closing of the deal, with Lore and Rodriguez finally making the last payment to acquire the controlling stake, was required to happen by Wednesday — and Taylor said Thursday that “under certain circumstances” a limited extension could have been offered. That did not happen.

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“I will continue to work with Marc, Alex and the rest of the ownership group to ensure our teams have the necessary resources to compete at the highest levels on and off the court,” Taylor said. “The Timberwolves and Lynx are no longer for sale.”

Taylor, a lifelong Minnesotan, purchased the team in 1994 for $88 million, doing so at the time in part to keep the franchise from relocating to New Orleans or elsewhere.

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Rodriguez said he and Lore — who unsuccessfully tried to purchase the New York Mets before striking the deal with Taylor — also were committed to Minnesota.