In a significant development for the future of the Timberwolves and Lynx, Glen Taylor will remain the controlling owner of both franchises after Marc Lore and Alex Rodriguez did not close on a sale of a controlling interest in the franchises by a deadline that expired Wednesday, the Wolves said in a statement.

Lore and Rodriguez were set to acquire 40% of the franchise, bringing their total stake in the franchise up to 80%, but they could not meet a deadline set under their agreement for Wednesday. As a result, Taylor is going to remain controlling owner.

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

The statement caps a lengthy three-year period in which Lore and Rodriguez were set to take over the franchise from Taylor after the sides agreed on a sale of the franchise in 2021 for $1.5 billion. Lore and Rodriguez had 90 days to complete the final portion of the sale after notifying Taylor of their intent to purchase another 40% of the franchise in late December, as was detailed in their original agreement. But the window closed on that time and no extension was given.

“Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur,” the statement from the team read.

This is a developing story. Check back here for updates.