Deportes

Yankees’ Alex Rodriguez doesn’t have the money to build a good NBA team, report says – NJ.com

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Last week, Minnesota Timberwolves and Lynx owner Glen Taylor announced that Alex Rodriguez and Marc Lore missed the deadline to gain majority share of the NBA and WBNA teams after a three month process to obtain control.

According to a report from the New York Post, a source close to the Timberwolves said Rodriguez may not have the money to build a NBA championship caliber team. A source familiar with current ownership told the post that Taylor believed he was saving the team by ending the purchase last week.

Rodriguez and Lore owned 40% of the franchise and agreed in 2021 to increase their share to 80% in three stages, purchasing majority control at $1.5 billion.

Then, just before the March 27 deadline for the third installment, Rodriguez and Lore lost the financial backing of the Carlyle Group, which was supposed to put in $300 million. The NBA rejected the equity group in the final days before the deadline, according to The Post.

Per Taylor’s news release last week:

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.

Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur.

“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,” said Taylor. “The Timberwolves and Lynx are no longer for sale.”

Rodriguez and Lore said they met the deadline and accused Taylor of having “seller’s remorse” in their statement.

“We are disappointed,” Lore and Rodriguez said, via the Star Tribune. “We have fulfilled our obligations, have all necessary funding and are fully committed to closing our purchase of the team as soon as the NBA completes its approval process. Glen Taylor’s statement is an unfortunate case of seller’s remorse that is shortsighted and disruptive to the team and the fans during a historic winning season.”

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Bridget Hyland may be reached at [email protected].

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Julián Capera

¡Hola! Soy Julián Capera, tu entusiasta de los deportes y fuente de referencia para todo lo relacionado con fútbol, NFL, boxeo, NBA y más en ElMundoIberico.com. Con pasión por el periodismo deportivo y dedicación a brindar las últimas noticias y conocimientos, me esfuerzo por mantenerlo actualizado y comprometido. Únase a mí mientras nos sumergimos juntos en el apasionante mundo de los deportes.

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