Minnesota Timberwolves owner Glen Taylor is no longer selling his controlling stake in the franchise to minority owners Marc Lore and Alex Rodriguez, he announced Thursday.
Taylor alleges Lore and Rodriguez failed to meet certain contractual deadlines and obligations of the sale process, which began in 2021. Sources told ESPN that the relationship between Taylor and his successors -- Lore and Rodriguez -- disintegrated over the past two years.
Minnesota (50-22) is having its best season in years and is just a half-game out of first place in the Western Conference.
In a statement given to ESPN, Lore and Rodriguez maintained they have met their financial obligations to Taylor, including a final payment last week. In 2021, Taylor agreed to sell the Timberwolves and WNBA's Minnesota Lynx for $1.5 billion, with a structure that called for a transfer of power over a number of years as Lore and Rodriguez made a series of payments.
"We are disappointed with Glen Taylor's public statement today," Lore and Rodriguez said in the statement. "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."
Since the sale process began in 2021, NBA franchise values have skyrocketed, with the Phoenix Suns selling for $4 billion, the Dallas Mavericks for $3.5 billion and the Charlotte Hornets for $3 billion.
In his statement, Taylor maintained that he was no longer selling the franchise but that he "will continue to work with Marc, Alex and the rest of the ownership group to ensure our teams have the necessary resources to compete at the highest levels on and off the court."
