Alex Rodriguez and ex-Walmart CEO Marc Lore ‘miss 30-day window to close’ $1.5 billion deal to buy the NBA’s Timberwolves BUT ‘owner Glen Taylor is still negotiating with the pair’
- Retired baseball star Alex Rodriguez and former Walmart CEO Marc Lore’s $1.5 billion bid to buy the NBA’s Minnesota Timberwolves may be in jeopardy
- According to ESPN, the pair’s 30-day window to close the deal has ended
- However, ESPN is also reporting that team owner Glen Taylor is continue to negotiate with Rodriguez and Lore, and the sides could agree on an extension
- The obstacle is the latest disappointment for Rodriguez, who failed in his bid to buy the New York Mets and recently ended his engagement to Jennifer Lopez
Retired baseball star Alex Rodriguez and former Walmart CEO Marc Lore’s $1.5 billion bid to buy the NBA‘s Minnesota Timberwolves is in jeopardy after the pair’s 30-day window to close a deal with team owner Glen Taylor reportedly ended.
ESPN was the first to report the news, which may not mark the end of Rodriguez and Lore’s effort to buy the team from Taylor. Both sides are negotiating in good faith and an extension could be created to help in any potential deal, according to ESPN.
The WNBA’s Minnesota Lynx was also part of the deal.
Retired baseball star Alex Rodriguez (left) and former Walmart CEO Marc Lore’s $1.5 billion bid to buy the NBA’s Minnesota Timberwolves is in jeopardy after the pair’s 30-day window to close a deal with team owner Glen Taylor reportedly ended
Ja Morant #12 of the Memphis Grizzlies drives to the basket against the Minnesota Timberwolves on May 5 at the Target Center in Minneapolis
Team owner Glen Taylor, who bought the Timberwolves in 1994 for $88 million, is hoping to sell the middling NBA club to Alex Rodriguez and Marc Lore for $1.5 billion
A spokesman for Rodriguez did not immediately respond to DailyMail.com’s request for comment.
The obstacle is the latest disappointment for Rodriguez, who failed in his bid to buy the New York Mets and recently ended his engagement to Jennifer Lopez.
The April agreement called for Taylor to keep control of the club for the next two years, while Rodriguez and Lore begin as minority partners before taking over full control in 2023.
‘We look forward to entering this phase of the process with Glen Taylor,’ read a statement from Rodriguez provided to DailyMail.com.
Upon hearing the news that Rodriguez was in line to become the team’s co-owner, Timberwolves rookie Anthony Edwards (pictured) confessed that he’s not familiar with the baseball star. ‘Who is he?’ Edwards asked reporters on April 13. ‘I don’t know who that is. I know he’s fitting to be the owner, but I don’t know nothing about baseball’
‘Our respect for him and the legacy he has built lays an amazing foundation for what is to come. We are excited by the prospect of getting to know the Timberwolves organization, the talented team, and their incredible fans.’
The Timberwolves, who were founded in 1989 as an expansion team, were bought by Taylor in 1994 for $88 million. The club is currently locked into a least with the city of Minneapolis that runs through 2035. Breaking that lease would come with a $50 million penalty, according to The Associated Press.
Currently the Timberwolves are among the NBA’s worst teams at just 21-47 on the year.
Rodriguez is best known for his baseball career, having hit 696 home runs over his career over 22 seasons with the Seattle Mariners, Texas Rangers, and New York Yankees. The former shortstop and third baseman earned over $455 million in salary as a player, but is heavily invested in other industries, including real estate.
Upon hearing the news that Rodriguez was in line to become the team’s co-owner, Timberwolves superstar rookie Anthony Edwards confessed that he’s not really familiar with the baseball legend.
‘Who is he?’ Edwards asked reporters on April 13. ‘I don’t know who that is. I know he’s fitting to be the owner, but I don’t know nothing about baseball.’
Lore, a tech entrepreneur, developed several popular websites which he sold to Walmart before become the retailer’s president and CEO from 2016 until earlier this year.
The obstacle is the latest disappointment for Rodriguez, who failed in his bid to buy the New York Mets and recently ended his engagement to Jennifer Lopez