The Minnesota Timberwolves are having one of their best seasons ever, climbing to the second seed in the West with a strong, deep, talented lineup of players.
Meanwhile, the team has been on the verge of being sold all season long.
That all changed on Thursday morning as Timberwolves owner Glen Taylor announced that the team is no longer for sale.
Adrian Wojnarowski broke the news on Twitter, sharing a press release from the Timberwolves that announced the expiration of an option for Marc Lore and baseball superstar Alex Rodriguez to acquire a controlling interest in both the Timberwolves and the Minnesota Lynx.
Glen Taylor says the Timberwolves are no longer for sale. https://t.co/oC9zcbPqZB
— Adrian Wojnarowski (@wojespn) March 28, 2024
Back in 2021, Lore and Rodriguez said they planned to buy a majority stake in both franchises for about $1.5 billion.
They had agreed to pay Taylor in installments, which were supposed to close on Wednesday.
Lore and Rodriguez already have purchased 40% of the franchise but they planned to step that number up to 80% this week.
But the deal wasn’t completed in time and now the Timberwolves are not being sold, at least for the time being.
Lore and Rodriguez had trouble getting the money together, especially after a private equity firm pulled a $300 million investment recently.
This doesn’t mean a deal for the Timberwolves is dead forever, but it does mean that the team isn’t changing hands right now.
Now the owners can focus on the success Minnesota has found this year.
They have a 50-22 record and are constantly battling for the top spot in the West, alongside the Denver Nuggets and Oklahoma City Thunder.
The next few years could be very exciting for the T-Wolves, as they work out contract negotiations for multiple players and attempt to remain a top team in their conference.
It’s a time of great change for the Timberwolves but they aren’t getting new owners right now.
NEXT: Timberwolves Are Signing Notable Veteran For Rest Of The Season