Alex Rodriguez's bid to buy Timberwolves fails, team no longer for sale / News - Basketnews.com

Former MLB superstar Alex Rodriguez and his business partner Marc Lore failed to close the deal to buy the Timberwolves within the required 90-day period after providing the necessary documents. The Timberwolves and the Lynx are no longer on sale.

Credit: Carmen Mandato/Getty Images North America/Getty Images via AFP - Scanpix Credit Carmen Mandato/Getty Images North America/Getty Images via AFP - Scanpix

The Minnesota Timberwolves were on the verge of being sold. The club is no longer on sale.

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The Timberwolves have announced that the process of selling the team to former MLB superstar Alex Rodriguez and his business partner Marc Lore has been terminated following the failure to provide necessary documents.

The option to acquire the controlling stake in the organization has expired. The closing of the deal was required to occur within 90 days of the exercise notice issued by Lore and Rodriguez. This period expired on March 27th.

"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," the current owner, Glen Taylor, said. "The Timberwolves and Lynx are no longer for sale."

According to Adrian Wojnarowski from ESPN, the relationship between the two sides - Lore & Rodriguez and Taylor - disintegrated over time. Although the two businessmen raised the required money for the sale, it still wasn't completed, Wojnarowski notes.

"We are disappointed with Glen Taylor's public statement today. 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 short-sighted and disruptive to the team and the fans during a historic winning season," Lore and Rodriguez wrote in a statement.

Rodriguez and Lore were expected to acquire 80% of the total stake in the organization. However, the deal ultimately fell through. The two businessmen still hold a 20% stake in the Timberwolves.

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