The majority sale of the Minnesota Timberwolves to former baseball superstar Alex Rodriguez and businessman Marc Lore took a hit recently as the duo lost financial backing from the Carlyle Group, according to current Timberwolves owner Glen Taylor.
Rodriguez and Lore have purchased 40% of the franchise which was paid in two 20% installments. Their next purchase is for another 40% stake in the Timberwolves, valued at $600 million. The payment is due on March 27.
“They had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them,” Taylor told David Shama. “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.”
Reports are that Rodriguez and Lore are in talks with other financial groups in case Carlyle’s proposal is not approved by the NBA, per ESPN. The NBA said in a statement to Sportico that it “did not deny Carlyle’s proposed investment.”
Rodriguez and Lore’s purchase of the Timberwolves was approved by the NBA on July 21, 2021. The duo would also become majority owners of the WNBA’s Minnesota Lynx if the sale goes through.
NBA owners still have to approve the sale if Rodriguez and Lore can come up with the money by the due date. It is unclear at the moment if either the approval or the final payment is in jeopardy.
Amid the change in ownership, the Timberwolves are having their best season in 20 years. Minnesota enters Wednesday with a 47-22 record and is within one game of the top seed in the Western Conference.
More must-reads: