The sale of the Minnesota Timberwolves to Alex Rodriguez and Marc Lore falls through.
- The purchase of baseball teams by Alex Rodriguez and Marc Lore fell through.
- In 2021, an agreement was reached to purchase the franchises from owner Glen Taylor.
Rodriguez and Lore's ownership group were unable to secure the necessary financing by Wednesday to finalize the deal and maintain their 40% ownership stake in the Timberwolves.
"I will continue to collaborate with Marc, Alex, and the rest of the ownership group to provide our teams with the required resources to excel both on and off the court," Taylor stated in a statement. "The Timberwolves and Lynx are no longer available for purchase."
In May 2021, Rodriguez, Lore, and Taylor reached an agreement to purchase the Timberwolves and Lynx for $1.5 billion.
The Western Conference's second-place team, the Timberwolves, is valued at $2.94 billion, making them the 28th most valuable NBA franchise, according to Sportico.
The NBA and Rodriguez did not immediately respond to requests for comment.
This story is developing. Please check back for updates.
Business News
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