In a shocking turn of events, Minnesota Timberwolves majority governor Glen Taylor announced the franchise is no longer for sale after the option for Alex Rodriguez and Marc Lore to complete their purchase of the team expired.

"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. "The Timberwolves and Lynx are no longer for sale."

Rodriguez and Lore later issued a statement expressing their disappointment in the news:

Rodriguez and Lore had been experiencing issues finalizing their financing to complete the purchase. The duo lost the backing of private equity firm Carlyle earlier this month but seemingly found a new backer in Dyal Capital last week.

However, with only a week to finalize the structure of the investment, it seems the Rodriguez-Lore ownership group failed to make its final payment before Wednesday's deadline. Taylor pulled out of the deal as a result and will remain the principal owner.

ESPN's Adrian Wojnarowski reported the relationship between Taylor and his would-be successors "disintegrated" over the last two-plus years. It's unclear what led to the tension between the two sides.

If Rodriguez and Lore had the financial backing ready by March 27, it's possible this situation could become even more contentious. Wojnarowski reported "Taylor contends that they didn't meet contractual deadlines throughout transition," but no details have been made available.

The parties agreed to a unique transition of power in 2021 that saw Rodriguez and Lore become minority investors in the franchise with a plan to trigger a majority interest at a later date. The final sale would have given the new owners an 80 percent interest in the Timberwolves.

As it stands, Rodriguez and Lore own 40 percent of the team.

The Timberwolves are in the midst of their best season in more than 20 years and are currently the No. 2 seed in the Western Conference at 50-22.