Former MLB star Alex Rodriguez and business partner Marc Lore have secured funding to complete their purchase of the Minnesota Timberwolves and Minnesota Lynx after all, according to Shams Charania. Dyal Capital Partners has stepped in and will provide Rodriguez and Lore with the backing they need.
The sale had been brought into question after current owner Glen Taylor said in an interview on Tuesday that the group had lost its financial backing.
"They had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them," Taylor said in an interview with David Shama, a local reporter in Minnesota. "They have to go out and find new revenue. That I do know. I don't know if they found it or what they're going to do. We haven't seen the schedule of ownership yet."
The final payment to complete the purchase is scheduled for March 27. This would finalize a process that began in 2021 when Rodriguez and Lore first agreed to the protracted sale. Since then, the two have made two installments, each purchasing 20% of the franchise, which was valued at $1.5 billion. This final transaction would cover the remaining 40% stake they agreed to acquire earlier this year.
Rodriguez and Lore had a funding agreement with Carlyle Group, an investment firm in Washington, D.C, but the NBA rejected that deal, according to Axios. While the league has recently allowed private equity groups to buy into NBA franchises, Carlyle's other holdings "ran afoul of its institutional ownership rules."
The NBA denied that report in a statement to ESPN on Wednesday, stating that the league "did not deny Carlyle's proposed investment." Both the Timberwolves and Carlyle Group declined to comment.
Taylor indicated the duo needed to raise about $600 million to complete the purchase. Per Jon Krawczynski, Rodriguez and Lore have now provided the NBA with signed financial documents to make that happen. All that is left now is final approval from the league.
On the court, the Timberwolves are enjoying one of the best seasons in franchise history. At 47-21, they are on pace to win 50 games for the first time since 2004 and sit in third place in the Western Conference.
