Alex Rodriguez and Marc Lore’s quest to gain a majority stake in the Minnesota Timberwolves and Minnesota Lynx is one more step towards realization.
A day after The Carlyle Group walked away from its $300 million investment, Rodriguez and Gore found a new backer and reportedly filed the necessary paperwork with the NBA to finalize the deal. according to The Athletic.
Rodriguez and Lore, who currently hold a 40 percent stake, attempted to purchase an additional 40 percent of the team to officially make them the majority owners of the Lynx and T-wolves.
Even with the new financial backing, both men must get approval from the NBA Board of Governors and no timetable has been given for when that will happen.
ESPN reported that the private equity firm was unable to reach an agreement regarding the requirements placed on those investing in the NBA.
This allowed Dyal Capital Partners to step in as the duo’s sponsor and financial backer to help purchase Glen Taylor’s two franchises.
It took nearly three years for Rodriguez and Lore, who initially purchased their stake in two 20 percent installments. In December, a 90-day window, which ends on March 27, was opened when the duo exercised their right to purchase an additional 40% of the team.
The Timberwolves currently have the third-best record in the Western Conference at 47-22.
