Image Source: Minnesota Timberwolves
[Saba Sports News] Alex Rodriguez and Marc Lore have responded to the Minnesota Timberwolves ownership saga. The retired MLB star Rodriguez and his business partner Lore issued a statement Thursday addressing Glen Taylor’s announcement of the collapsed deal to transfer majority ownership of the Timberwolves and the WNBA’s Minnesota Lynx. Rodriguez and Lore asserted that they had fulfilled all requirements to finalize the deal and accused Taylor of experiencing “seller’s remorse.”
Expressing disappointment with Taylor’s public statement, Rodriguez and Lore, through a spokesperson, stated, “We have met all obligations, secured necessary funding, and remain fully committed to completing our purchase pending NBA approval.” They criticized Taylor’s statement as shortsighted and disruptive to the team and fans, particularly during a successful season.
Having already acquired a 40 percent stake in the Timberwolves and Lynx through two installments, Rodriguez and Lore missed the March 27 deadline for the final payment, which would have transferred another 40 percent stake, giving them an 80 percent majority ownership. Despite recent financial setbacks, they secured a new investor quickly. However, the collapse reportedly stemmed from Taylor’s frustration with alleged contractual deadline failures by Rodriguez and Lore.
Rodriguez and Lore seem poised to challenge this outcome, potentially through dispute resolution mechanisms like arbitration or mediation, or even the legal system.