Alex Rodriguez Misses Deadline to Become Majority Owner of Minnesota Timberwolves and Lynx, a 1.5b deal

Rodriguez-Lore Ownership Bid Falls Short

In a recent announcement, owner Glen Taylor revealed that Alex Rodriguez and partner Marc Lore failed to meet the deadline to acquire an 80% controlling interest in Minnesota’s NBA (Timberwolves) and WNBA (Lynx) franchises.

Missed Opportunity for Rodriguez-Lore Partnership

According to reports, Rodriguez and Lore were set to purchase a majority stake in the teams for $1.5 billion, but the deal has fallen through as they missed the required closing within 90 days of the exercise notice.

Taylor stated, "The Timberwolves and Lynx are no longer for sale," signaling the end of negotiations with Rodriguez and Lore.

Factors Contributing to the Outcome

The acquisition process faced setbacks, including the loss of backing from the Carlyle Group, which impacted the financial feasibility of the deal. Despite efforts to secure alternative funding, Rodriguez and Lore were unable to meet the deadline.

Rodriguez and Lore currently hold a 40% ownership stake in the teams, with Taylor retaining 60% ownership along with limited partners.

The failed acquisition marks a significant development in the sports ownership landscape, highlighting the complexities and challenges involved in major ownership transitions within professional sports franchises.

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