Marc Lore, Alex Rodriguez bid on Minnesota Timberwolves expires
The former head of e-commerce at Walmart and a Major League Baseball legend will not acquire a majority stake in a pro basketball operation.
Glen Taylor, chairman of Taylor Sports Group Inc., the general partner of Minnesota Timberwolves Basketball Limited Partnership which owns the NBA Minnesota Timberwolves and WNBA Minnesota Lynx teams, has confirmed the expiration of the option of Marc Lore and Alex Rodriguez to acquire controlling interest in the teams.
Under terms of the purchase agreement, the closing was required to occur within 90 days following the exercise notice issued by Lore and Rodriguez. That 90-day period expired March 27, 2024.
"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 an official statement. "The Timberwolves and Lynx are no longer for sale."
According to CNBC, Lore and Rodriguez, who currently own 40% of the two teams, could not obtain the necessary financing to purchase another 40% and take a majority ownership position in the two teams. The additional 40% stake would have reportedly cost an additional $600 million.
In a statement to CNBC, Lore and Rodriguez disputed claims they did not obtain proper financing.
"We have fulfilled our obligations, have necessary funding and are fully committed to closing our purchase of the team as soon as the NBA completes its approval process," Lore and Rodriguez said in the statement. "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 an historic winning season."
In addition to being the former head of e-commerce at Walmart, Lore is also the founder of Wonder, a food startup that in January 2023 shifted from a mobile food truck focus to an operating strategy reminiscent of the ghost kitchen model, initially operating 10 kitchens around New Jersey and New York that offer delivery and in-location dining and pickup.
Wonder opened its 11th location, which is both its first in Pennsylvania and first inside a Walmart store or a big box retailer, at Walmart’s store in Quakertown, Penn., in February 2024. The company also recently raised $700 million in capital to “further its mission and expansion.”
Rodriguez played 22 seasons in Major League Baseball for the Seattle Mariners, Texas Rangers and New York Yankees as a shortstop, third baseman and designated hitter, earning numerous awards and recognition as an historically great player. He has also been involved in sportscasting and business and philanthropic ventures.