The $1.5 billion deal failed! The Timberwolves owner stopped selling the team, and Garnett rejoiced again
On March 29, Beijing time, the Minnesota Timberwolves officially stated that the team would no longer be sold. This means that the $1.5 billion deal reached three years ago has officially been aborted!
According to Timberwolves owner Glenn Taylor, the closing window for buyers Mark Lore and Alex Rodriguez to buy a majority stake in the Timberwolves expired on March 28, and the buyer had the right to extend it, but the other party did not do so, which also meant that the purchase process ended. Then Glenn Taylor announced at the press conference that he would no longer sell the Timberwolves!
In May 2021, Timberwolves owner Glenn Taylor agreed to sell the team to a consortium of Alex Rodriguez and Marc Lore for $1.5 billion. Over the next three years, the consortium will pay Glenn Taylor $1.5 billion in instalments. But the new boss group suffered a serious financial crisis when it came time to make the final payment, which caused them to be unable to pay Glenn Taylor's last $600 million final payment on time.
According to previous reports, due to the severe financial crisis of the Timberwolves acquisition consortium, the final payment was not made on time. So, even if they meet their obligation to pay the final payment, the NBA league will still make the final decision on whether to approve Glenn Taylor's sale of the Timberwolves to Mark Lore and Alex Rodriguez. But what I never expected was that before the NBA officially intervened in this 1.5 billion deal, Glenn Taylor ended the last suspense ahead of schedule.
In 1995, Glenn Taylor acquired the Minnesota Timberwolves for $88 million, and after 26 years of hard work, it was finally sold to the new owner group for $1.5 billion in 2021. But because of the other party's serious financial situation, the deal was aborted! As everyone knows, another big reason why Glen Taylor gave up selling the Timberwolves is that his Timberwolves are now worth far more than $1.5 billion. According to sports business reporter Joe Pompliano, the Timberwolves' market value has increased by more than $1 billion since May 2021!
As we all know, Timberwolves legend Kevin Garnett has always been interested in buying the Timberwolves, and he is very eager to become the owner of the Timberwolves! Three years ago, when Glenn Taylor was preparing to sell the team, Garnett and the consortium behind him actively joined the bidding team. But in the end, it was Maklor and the Rodriguez consortium that got the first step!
After it was revealed that the new boss group was in a serious financial situation and could not pay Glenn Taylor's $600 million final payment on time, Garnett once ushered in a good opportunity to make an acquisition! But what he never expected was that Glenn Taylor suddenly gave up selling the Timberwolves now, which naturally made Garnett happy! Originally, there was still a glimmer of hope, but in the end it was all shattered.