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. However, the bid of Rodriguez and his fellow minority owner Marc Lore has been rejected by owner Glen Taylor.
Taylor said that that Rodriguez and Lore have not met the contractual obligations they had on a timely basis, and that's why the sale has fallen apart.
Former Miami Marlins owner David Samson is not the least bit surprised to see the Rodriguez-Lore bid fail at the key moment. Samson explained that A-Rod does not have the money to complete the deal.
“I've been calling this for two years, because I negotiated with A-Rod to buy the Marlins and he had everything except the money,” Samson said. “And so it was always going to be an issue and he wants to be an owner so badly that he pretended he wanted to be in Minnesota, but he never was able to hit a deadline and finally Glen Taylor said you know what, it's cool that you're A-Rod but money's way more important.”
Rodriguez says his group has met payment obligations to Timberwolves
Alex Rodriguez took issue with Taylor's position that payments had not been made on a timely basis. He and Lore said a final payment was made to Taylor last week.
“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.”
When Taylor agreed to sell the franchise two years ago, the value of the deal was approximately $1.5 billion. Since that time, NBA franchise values have skyrocketed. The Phoenix Suns have been sold for $4 billion, the Dallas Mavericks for $3.5 billion and the Charlotte Hornets for $3 billion.
Taylor did not acknowledge how franchise values have increased, but he did say he was no longer interested in selling the franchise. He said he wants to work with Rodriguez, Lore and other owners to make sure the Timberwolves are in the best position to compete in the NBA.
Timberwolves having excellent season
The Timberwolves have been performing brilliantly this season. Minnesota has reached the home stretch of the season and they have just 10 games remaining before the NBA playoffs get underway.
The Timberwolves have a 50-22 record, and they are just one-half game behind the defending NBA champion Denver Nuggets at 51-22 for the lead in the Western Conference.
Minnesota has been led by rising superstar Anthony Edwards, who is averaging 26.2 points and 5.5 rebounds per game. Edwards has been a highlight-film performer with his dunks and blocked shots this season.
Karl-Anthony Towns is currently out following meniscus surgery, but he could be back in two weeks. He is averaging 22.1 points and 8.4 rebounds per game.
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