The transfer of majority control of the Minnesota Timberwolves and Minnesota Lynx from owner Glen Taylor to Alex Rodriguez and Marc Lore is reportedly overdue.
Taylor had said the sale would be completed on February 29, after an initial delay from December 31. But those plans have changed, KSTP-TV sports reporter Darren Wolfson tweeted Thursday on X, the social platform formerly known as Twitter. It is not yet known when the transaction could be finalized.
“A different closing date will need to be agreed upon at a later date,” Wolfson said according to Taylor.
The Timberwolves declined to comment and messages to Taylor through his company, Taylor Corp., went unanswered. Messages to A-Rod Corp., Rodriguez’s investment company, and Lore representatives were also not returned.
In March 2023, Lore and Rodriguez announced that they had taken 40% ownership teams and were on track to take majority control in 2024. The sale price was $1.5 billion.
The Timberwolves are valued at $2.5 billion, the second lowest in the 30-team league, but that’s still nearly four times the team’s value a decade ago, according to Forbes.
The NBA previously said the transaction would be finalized after league approval. Lore and Rodriguez’s third and final payment to Taylor was due Dec. 31, Forbes previously reported.
Carlyle Group, a Washington-based investment firm, has reportedly begun talks with Lore and Rodriguez. to help finance the operation. Carlyle Group also declined to comment.
Taylor, who also owns the Star Tribune, acquired the Timberwolves in 1994.
