The window closed without an actual deal set. News broke roughly one month ago that the current owner Glen Taylor was close to finalizing a deal to eventually sell the Timberwolves, allowing Lore and Rodriguez to take the majority share of the team as soon as 2023.
"“Both sides are continuing to negotiate in good faith in an attempt to reach an agreement and it is possible that an extension to the window could be worked out, but one isn’t currently in place, sources told ESPN.”– Windhorst"
This is not the first time Taylor has gone into an exclusive negotiating window – the most recent being with Daniel Straus, minority owner of the Memphis Grizzlies.
The talks, according to Windhorst, have been centered on a guarantee that Taylor would give up controlling ownership by a certain date.
Though it is likely unenforceable, Taylor has made it known that he will not sell the team to a group that intends to relocate it.
The sale of the Timberwolves is estimated to be worth around $1.5 billion, and Lore and Rodriguez are going to be buying pieces of the team until eventually taking full control for the 2023-24 season.
Taylor announced last year of his intentions on selling the team. The four-time champion Minnesota Lynx are expected to be a part of the deal.
Taylor purchased the Timberwolves in 1994 for $90 million. There has been a fair share of controversy, most notably in 2006 when he arranged a “secret contract” with Joe Smith. Taylor was fined $3.5 million, docked five first-round picks, and Smith’s contract was voided. It is one of the most serious punishments ever handed to a team by the NBA.