The Timberwolves are no longer for sale after a group led by Alex Rodriguez and former Walmart CEO Marc Lore failed to close the deal.
Current owner Glen Taylor had said earlier this month that the Rodriguez and Lore group had lost the financial backing of the Carlyle Group with one payment remaining.
"They had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them," Taylor said on March 20. "They have to go out and find new revenue. That I do know. I don't know if they found it or what they're going to do. We haven't seen the schedule of ownership yet."
The Carlyle Group never specified why it dropped out, but the NBA told the outlet Sportico in a statement that it "did not deny Carlyle's proposed investment."
With that $300 million in funding missing, the group may have faced a liquidity crunch in closing the deal — or felt as if their remaining options weren't worthwhile.
This all means that Rodriguez won't be a majority owner of a franchise that he's been incredibly front-facing for. Taylor will remain the owner during the Timberwolves' best season in nearly two decades.
Rodriguez and Lore would remain minority owners under these provisions.
“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. “The Timberwolves and Lynx are no longer for sale.”
