The Timberwolves equity transaction matter changed today. Timberwolves owner Glen Taylor announced today that due to buyer’s ex-New YorkYankeesTeam star “A-Rod” Rodriguez (Alex Rodriguez) and former Walmart CEO Marc Lore failed to meet certain contract terms and both will not sell their 40% equity, nor do they plan to find another buyer. , leading to A-Rod’s team releasing a statement criticizing Taylor’s remorseful behavior.
Gray Wolf and W already existnbaA-Rod and Lore, who own 40% of the Bobcats’ equity, were originally supposed to complete the acquisition of the other 40% of the equity this month and officially become the operators of both teams. Although it was reported that this happened due to change in funds. situation, but both soon found a newinvestThe deal was originally slated to be completed in late March, but today Timberwolves owner Taylor released a statement announcing that the deal had fallen apart.
Taylor explained in the statement that since A-Rod and Luol failed to comply with certain terms and obligations of the contract they signed when the sale process began in 2021, he will no longer sell equity in their teams. This is the equivalent of announcing that A-Rod and Lore will no longer officially become team owners, and that they will no longer seek new buyers and will retain management rights to the Timberwolves and Bobcats.
Although Taylor emphasized in the statement that he still hopes to maintain a collaborative relationship with A-Rod and Lore, who own 40% of the shares, to help the team maintain resources and competitiveness, A -Rod and Lore clearly don’t agree that Taylor has gone back on his words. The act of selling shares and criticizing Taylor through a statement is completely short-sighted and short-term.
A-Rod and Lor said in the statement that they are disappointed by Taylor’s public statement today, especially since she has fulfilled her obligations and has all of the funds. While they wait for league approval, they can complete the acquisition of the team’s equity. The process will be completed. “Taylor’s statement is an unfortunate case of seller’s remorse that is short-sighted and harmful to the team and fans in the midst of a historically successful season.”
The outside world also believes that the main reason for Taylor’s reneging on his words is that the market value of NBA teams has been continuously increasing in recent years. In particular, the Timberwolves have been in the upper reaches of the Western Conference this season and even won their first singles in the past 20 years today. 50 wins in a season, setting a new record in the “post-Kevin Garnett era”.
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