Group including Alex Rodriguez has not reached deal to purchase NBA's Minnesota Timberwolves

Posted By: Ashley Smith
May 11, 2021 @ 10:24 am
Local News

Photo by Kelly Backus / ESPN Images

(MINNEAPOLIS) — A group including former baseball star Alex Rodriguez and tech entrepreneur Marc Lore has not yet closed a deal to purchase the Minnesota Timberwolves, as their 30-day exclusive negotiating window came to an end.

Sources tell ESPN that the two sides continue to negotiate in good faith in an effort to reach a deal, and that an extension to the exclusive window could be worked out.

Last month, Timberwolves owner Glen Taylor announced his intent to sell the team to Lore and Rodriguez. Sources said at the time that the expected purchase price was approximately $1.5 billion, including debt.

The deal was also expected to include the WNBA’s Minnesota Lynx.

Part of discussions over the last month have centered around when controlling ownership of the team would transfer from Taylor to the group.

It’s not the first time that Taylor has entered exclusive negotiating windows, only to see that window close without a deal. Last year, he entered a negotiations with former Memphis Grizzlies minority owner Daniel Straus, but talks broke down.

Taylor bought the Timberwolves in 1994, saving the franchise from moving to New Orleans. ESPN reports that any sale agreement would include terms that keep the team in Minneapolis.