(Bloomberg) -- Minnesota Timberwolves minority owners Marc Lore and Alex Rodriguez have failed in their drawn-out attempt to take over the National Basketball Association franchise and its WNBA counterpart Lynx.

The option for the investors to acquire a controlling interest has expired, according to a statement from the team. Lore and Rodriquez had 90 days to close a deal under the terms of their agreement.

“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,” said a spokesperson on behalf of Lore and Rodriguez. “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 agreed to buy the Timberwolves at a valuation of $1.5 billion in the spring of 2021. The deal called for the pair to buy the team in three installments, beginning with a 20% stake that year. Lore and Rodriguez acquired another 20% in 2023 and were due to make payment on a final 40% and take control of the team on March 27.

The agreed price of $1.5 billion appeared to be a bargain as Lore and Rodriguez approached the deadline. In 2022, mortgage brokerage billionaire Mat Ishbia agreed to buy the Phoenix Suns at a valuation of $4 billion. And last year Mark Cuban sold the Dallas Mavericks to the family of casino magnate Miriam Adelson at a $3.5 billion valuation. 

However, issues arose over the final installment. Rodriguez and Lore tapped the Carlyle Group for $300 million to help purchase the team. But according to the Athletic, Carlyle could not agree to certain requirements the NBA has for investors. 

Carlyle had agreed to financing of the Timberwolves at a valuation of $2.3 billion, according to Axios, meaning Lore and Rodriquez would benefit from an $800 million increase in valuation since they first signed the takeover agreement.  

The Timberwolves have dramatically improved since the takeover talks began. They are now second in the NBA’s Western Conference with a record of 50-22, having found success with a core of young talent.

“They had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them,” majority owner Taylor told reporters earlier this month after the Carlyle deal fell apart. “They have to go out and find new revenue.”

The duo pivoted, bringing on Dyal Capital Partners to try to help push the deal over the finish line. Dyal Capital are a pre-approved investor in NBA teams, and hold a number of stakes in rival franchises. 

“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,” Taylor said in the statement.  

“The Timberwolves and Lynx are no longer for sale,” he added.

It’s not the first time a deal for the Timberwolves has fallen short. Taylor announced in 2020 that he was looking for a buyer and came close to a deal with billionaire Ryan Smith, who instead opted to buy his hometown Utah Jazz for $1.66 billion later that year.

A spokesman for Dyal Capital Partners declined to comment. 

Rodriguez is a co-host of the Bloomberg Podcasts/Bloomberg Originals program The Deal.

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--With assistance from Randall Williams.

(Updated with additional context throughout, details on valuations, statement.)

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