In a surprising turn of events, the Minnesota Timberwolves and Minnesota Lynx are now off the market, as owner Glen Taylor announced that the deal with prospective buyers Alex Rodriguez and Marc Lore did not close within the specified deadline. Taylor stated that Lore and Rodriguez failed to meet the requirements outlined in their purchase agreement, thus terminating the sale.

Under the agreement, Lore and Rodriguez were supposed to acquire a majority stake in the franchises for a reported $1.5 billion, paying Taylor in installments. The acquisition was expected to be finalized by Wednesday but missed the deadline.

Taylor, Chairman of Taylor Sports Group, Inc., confirmed the expiration of the option for Lore and Rodriguez to gain controlling interest in the Timberwolves and Lynx. According to Taylor, Lore and Rodriguez did not meet the deadlines set in their agreement because the necessary approvals from the NBA advisory/finance committee and the board of governors were still pending, and the financial transaction had not taken place.

While Taylor claims that Lore and Rodriguez are not entitled to an extension, the prospective buyers disagree. In a statement through their spokesperson, Lore and Rodriguez expressed disappointment with Taylor's public statement, asserting that they have fulfilled their obligations and have the necessary funding to complete the purchase. They maintain their commitment to finalize the deal as soon as the NBA completes its approval process.

According to the terms of the agreement, any disputes between the parties are to be resolved through mediation and arbitration. It remains to be seen how this discord will be resolved.

Lore and Rodriguez were set to acquire 40% of the franchises, with plans to increase their stake to 80% this week. Recent reports indicated that the Carlyle Group withdrew a $300 million investment, but Lore and Rodriguez secured backing from Dyal Capital Partners, another private equity firm, to fulfill the financial requirements. The group submitted the necessary financial documents to the NBA last week in an effort to meet the deadline.

This season, the Timberwolves have been performing exceptionally well, boasting a record of 50-22 and vying for the top seed in the Western Conference. The team recently signed guard Mike Conley to a lucrative $20.8 million contract extension, and with upcoming extensions for star players Anthony Edwards and Karl-Anthony Towns, their payroll is expected to skyrocket next season.

As the saga continues, the future ownership of the Timberwolves and Lynx remains uncertain. Fans and players alike are left to wonder what impact this dispute will have on the teams' performance and offseason plans.