In a significant development for the future of the Timberwolves and Lynx, Glen Taylor will remain the controlling owner of both franchises after Marc Lore and Alex Rodriguez did not close on a sale of a controlling interest in the franchises by a deadline that expired Wednesday, the Wolves said in a statement.
Lore and Rodriguez were set to acquire 40% of the franchise, bringing their total stake in the franchise up to 80%, but they could not meet a deadline set under their agreement for Wednesday. As a result, Taylor is going to remain controlling owner.
"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.