Is Alex Rodriguez, Marc Lore’s Timberwolves ownership in jeopardy?
Co-owners Mark Lore (R) and Alex Rodriguez (2nd L) of the Minnesota Timberwolves react courtside during action against the New Orleans Pelicans in the first quarter at Target Center on April 9, 2023 in Minneapolis, Minnesota. (Stephen Maturen / Getty Images)
MINNEAPOLIS (FOX 9) - Alex Rodriguez and Marc Lore are one payment away from becoming majority owners of the Minnesota Timberwolves and Lynx, but the transaction might be in jeopardy.
They owe roughly $600 million to take Glen Taylor out of majority ownership, and are reportedly seeking a partner to pay roughly half of that to finalize the transaction. According to a report from Axios, they sought out private equity firm Carlyle to help. Officials say there were discussions between the NBA and Carlyle, but an agreement couldn't be reached. The talks between Carlyle and the NBA hit a standstill, and are not able to move forward.
It’s not clear why, but Rodriguez and Lore have until the end of March to make the payment to Taylor. That’s already an extension of the payment being missed while they try to raise more capital.
They agreed to buy the Timberwolves and Lynx in 2021 for $1.5 billion with a transaction that would take multiple parts. The current payment due would give Rodriguez and Lore 60 percent ownership in the team, and Taylor would still own 20 percent.
Stay tuned, they have until March 27 to figure things out.