Alex Rodriguez’s Timberwolves purchase collapses with team no longer for sale

Alex Rodriguez and Marc Lore will not become the majority owners of the Timberwolves after all.

The former baseball star and former Walmart CEO had purchased 40 percent of the franchise from owner Glen Taylor and were reportedly set to finalize the acquisition of an additional 40 percent soon, but the team announced Thursday that the sale has fallen through.

“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.”

In the team’s announcement, it was said that “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 on March 27, 2024.”

The franchise declined to make contingencies to extend the time frame.

“Under certain circumstances, the buyer could have been entitled to a limited extension,” the team said.

“However, those circumstances did not occur.”

This is a developing story; check back for updates.