Timberwolves majority owner Glen Taylor said in a statement that prospective owners Marc Lore and Alex Rodriguez did not meet the terms of the purchase agreement and that the Timberwolves and Lynx are “no longer for sale.”

Lore and Rodriguez were due to make their final payment to accrue their final 40 percent of ownership by March 27 after exercising their notice of intent to do so in December.

Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur, the team said in a statement.

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

Lore and Rodriguez initially agreed to buy the team from Taylor in 2021 and had been making annual payments. Their group currently owns 40 percent of the organization. The duo recently secured a commitment from an investment firm last week in an attempt to secure the final 40 percent.

This story will be updated.