Timberwolves owners won't sell stock to Alex Rodriguez and Marc Rohr

Minnesota Timberwolves owner Glen Taylor announced Thursday that he will not sell control of the franchise to minority owners Marc Rohr and Alex Rodriguez.

Taylor alleges that Lore and Rodriguez failed to meet certain contractual deadlines and obligations in the sale process, which began in 2021. Sources told ESPN that the relationship between Taylor and his successors, Rohr and Rodriguez, has fallen apart over the past two years.

Minnesota (50-22) is having its best season in years and is just 0.5 games out of first place in the Western Conference.

In a statement given to ESPN, Lorre and Rodriguez claimed they have fulfilled their financial obligations to Taylor, including the final payment last week. In 2021, Taylor agreed to sell the Timberwolves and the WNBA's Minnesota Lynx for $1.5 billion, a structure that would require a multi-year transfer of power as Rolle and Rodriguez made a series of payments. It became.

“We are disappointed in Glen Taylor's public statement today,” Lorre and Rodriguez said in a statement. “We have met our obligations, have all the necessary funding, and are fully committed to completing the acquisition of the team once the NBA completes its approval process.

“Glenn Taylor's statement is an unfortunate case of remorse on the part of the seller, shortsighted and causing confusion for the team and fans during a season of historic wins.”

The value of NBA franchises has soared since the sale process began in 2021, with the Phoenix Suns selling for $4 billion, the Dallas Mavericks selling for $3.5 billion, and the Charlotte Hornets selling for $3 billion.

Taylor insisted in a statement that he would no longer be selling the franchise, but that “Mark, Alex, and the rest of the ownership group will continue to work with Mark, Alex, and the rest of the ownership group to ensure that our team has the resources it needs to compete at the highest level intermittently. We will continue to cooperate with.” court. “