T-Wolves no longer for sale after Lore, A-Rod let option expire

Minnesota Timberwolves owner Glen Taylor announced Thursday that prospective new owners Marc Lore and Alex Rodriguez didn't exercise their option in time to complete their purchase of the franchise and the WNBA's Minnesota Lynx.

"The Timberwolves and Lynx are no longer for sale," Taylor said in a statement.

Lore and Rodriguez had 90 days to finalize their purchase after providing notice that they would take over controlling interest in the Timberwolves and Lynx. The two could have received an extension on their option under certain circumstances but didn't meet the criteria for such an outcome.

Lore and Rodriguez first agreed to take over the franchise in April 2021. They were scheduled to pay Taylor in multiple installments; the final payment would have finally given the two controlling interest.

However, their relationship with Taylor deteriorated throughout the process, sources told ESPN's Adrian Wojnarowski. Taylor claims they missed contractual deadlines despite raising enough funds to complete the purchase.

A spokesperson for Lore and Rodriguez disputed Taylor and said the two buyers are still hoping to take control.

"We are disappointed with Glen Taylor's public statement today," the spokesperson said, according to Jon Krawczynski of The Athletic. "We have fulfilled our obligations, have all necessary funding, and are fully committed to closing our purchase of the team as soon as the NBA completes its approval process.

"Glen Taylor's statement is an unfortunate case of seller's remorse that is shortsighted and disruptive to the team and the fans during a historic winning season."

The deal's collapse comes while the Timberwolves put the finishing touches on one of the better regular seasons in franchise history. With 10 games still to play, their 50 wins are already their most since 2004 when they went 58-24 and reached the conference finals - the only time the team escaped the first round of the playoffs.