Alex Rodriguez and Marc Lore are accusing Timberwolves owner Glen Taylor of “seller’s remorse” after Taylor announced that the team’s majority stake will no longer be sold to the pair as planned.
The Timberwolves issued a statement on Thursday saying that Rodriguez and Lore failed to meet a financial deadline of March 27 to finalize their purchase of the franchise and that the team is no longer for sale.
In response, Lore and Rodriguez issued a statement of their own.
“We are disappointed with Glen Taylor’s public statement today,” the pair said.
“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 short sighted and disruptive to the team and the fans during a historic winning season.”
A-Rod and Lore already bought 40 percent of the team from Taylor and were reportedly expected to purchase an additional 40 percent stake — giving them a controlling interest — soon.
The Athletic’s Jon Krawczynski reported Thursday that the purchase agreement between the respective sides calls for arbitration and mediation in the event of disputes such as these.
“Exactly when that would happen, and how long it would take, remains to be seen,” Krawczynski wrote.
Based on the tenor of the statement from Rodriguez and Lore, it sounds like a courtroom battle could be brewing.
Rodriguez is a former baseball star who became an entrepreneur and Lore was previously CEO of Walmart.
The Timberwolves are 50-22, a half-game behind the Nuggets for first place in the Western Conference, and championship contenders for the foreseeable future as Anthony Edwards has blossomed into a superstar.
The WNBA’s Minnesota Lynx are also involved in the dispute.
