In a statement released on Thursday, Marc Lore and Alex Rodriguez issued their response after news broke of their failed pursuit to purchase the Minnesota Timberwolves for $1.5 billion.
Alex Rodriguez was hoping to turn his minority ownership stake in the Minnesota Timberwolves and the Minnesota Lynx of the WNBA into a controlling majority.
It seems inevitable that Taylor is headed for a legal battle with Rodriguez and Lore.
Alex Rodriguez and Marc Lore are giving their side of the Minnesota Timberwolves ownership drama.
On Thursday morning, Timberwolves owner Glen Taylor announced that he will retain his majority stake in the franchise after the final purchase option held by minority owners Marc Lore and Alex Rodriguez expired on Wednesday.
Alex Rodriguez and his partner thought they were taking over the Minnesota Timberwolves. But in the aftermath of his breakup with Jennifer Lopez, he just didn't have the cash.
The Minnesota Timberwolves and Lynx are no longer for sale, majority owner Glen Taylor said Thursday. Taylor confirmed the expiration of the option of retired baseball star Alex Rodriguez and former Walmart eCommerce CEO Marc Lore to acquire controlling interest of the NBA's Timberwolves and WNBA's Lynx.
A majority stake in Minnesota Timberwolves will no longer be sold to the ownership group being led by former baseball star Alex Rodriguez and Marc Lore, team owner Glen Taylor said in a press release from the team.
Marc Lore and former baseball star Alex Rodriguez were looking to purchase controlling interest in the team.
Minnesota Timberwolves majority owner Glen Taylor has been looking to sell the team for years now, and it appears he's finally closing in on a purchase.
Soon-to-be Timberwolves majority co-owner Alex Rodriguez has let fans know the next order of business after purchasing the team is retiring Kevin Garnett's jersey.
In recent days, worries had risen around Minnesota Timberwolves territory, that the ongoing purchase of the organization, by a new ownership group headlined by Marc Lore and Alex Rodriguez, was in flux.
It appears the long, drawn out takeover of the Wolves is finally coming to an end. According to The Athletic's Shams Charania and Jon Krawczynski, Alex Rodriguez and Marc Lore have reportedly submitted financial documentation to complete their acquisition for majority control of the Wolves and Lynx from current owner Glen Taylor.
Current Timberwolves owner Glen Taylor said an equity group has backed out at the last minute
The majority sale of the Minnesota Timberwolves to former baseball superstar Alex Rodriguez and businessman Marc Lore took a hit recently as the duo lost financial backing from the Carlyle Group, according to current Timberwolves owner Glen Taylor.
Is there one more twist in the protracted takeover of the Minnesota Timberwolves? Marc Lore and Alex Rodriguez are one payment away from taking majority ownership of the Minnesota Timberwolves and Lynx from Glen Taylor, but are reportedly in search of investors to help facilitate half of a final $600 million outlay.
The Marc Lore and Alex Rodriguez ownership group has bought out approximately 40% of Glen Taylor’s stake in the Minnesota Timberwolves organization but the process hasn’t been easy.
Just three days short of a critical deadline, the Minnesota Timberwolves and Lynx will officially have new management.
On the eve of their season opener, the Minnesota Timberwolves long-awaited change in primary ownership could be put on hold.
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