A sale agreement for the Timberwolves was reached in 2021
The war over the Minnesota Timberwolves is heating up.
Owner Glen Taylor announced Thursday that the team was no longer for sale after he said MLB legend Alex Rodriguez and e-commerce entrepreneur Marc Lore had failed to meet certain deadlines agreed upon in the original sale conditions.
Tim Connelly, new Minnesota Timberwolves President of Basketball Operations, is introduced to the media by team ownership group Glen Taylor, Marc Lore and Alex Rodriguez on May 31, 2022, at the Minnesota Timberwolves and Lynx Courts at Mayo Clinic Square in Minneapolis, Minnesota. (David Sherman/NBAE via Getty Images)
"I 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," Taylor said in a statement provided by the team.
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"The Timberwolves and Lynx are no longer for sale."
But Rodriguez and Lore seem to disagree.
"We’re going to be the owners of the Minnesota Timberwolves," Lore told Sportico on Friday. "It’s just a matter of time, and how much pain Glen wants to put the fans, the players, the town and community through. It’s his choice. It didn’t have to be this way."
In a joint statement released by Rodriguez and Lore, the pair accused Taylor of having "seller’s remorse."
Co-owners Alex Rodriguez (R) and Marc Lore of the Minnesota Timberwolves interact in the second quarter against the Los Angeles Lakers at Target Center on December 30, 2023, in Minneapolis, Minnesota. The Timberwolves defeated the Lakers 108-106. (David Berding/Getty Images)
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The $1.5 billion deal, which also included the WNBA franchise, was agreed upon nearly three years ago. It was structured in a way that would incrementally change over leadership from Taylor to the investment group. They bought about 20% of the franchise in 2021 and another portion around 20% in 2023.
Rodriguez and Lore defended their role in the deal, saying in their statement that they have fulfilled all of their obligations and "have all necessary funding" needed to close the deal.
According to multiple reports, the relationship between both parties has been on the rocks for some time. A source told Sportico that an owners' suite Rodriguez and Lore built was just one point of contention.
Rodriguez fired back over this in his comments to the outlet.
Part owners Alex Rodriguez (L) and Glen Taylor of the Minnesota Timberwolves celebrate after the game against the Boston Celtics at Target Center on November 6, 2023, in Minneapolis, Minnesota. The Timberwolves defeated the Celtics 114-109 in overtime. (David Berding/Getty Images)
"Think about it from our end: If we had an ironclad agreement, like we do, would we be talking about how Marc and Alex are more worried about the owners' suite than making real [basketball] trades?" Rodriguez said. "It’s so f---ing childish. But you only do that when you don’t have any ground to sit on."
Accusations of "seller’s remorse" come amid an increase in NBA franchise values. According to ESPN, the Phoenix Suns, Dallas Mavericks and the Charlotte Hornets have all sold at valuations of at least $3 billion.
They also come amid success on the court for Minnesota. The Timberwolves (50-22) beat the Detroit Pistons on Wednesday to reach the 50-win mark for just the fifth time in the 35-year history of the franchise. They are also tied for second place in the Western Conference.
The Associated Press contributed to this report.
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Paulina Dedaj is a Sports Reporter for Fox News Digital.
