Alex Rodriguez, Marc Lore submit paperwork for Timberwolves ownership change
Alex Rodriguez and Marc Lore were introduced as the new owners of the Minnesota Timberwolves and Lynx on Monday at media day.
MINNEAPOLIS (FOX 9) - It appears we’re getting closer to finality with the Minnesota Timberwolves’ ownership transition, about a day after the situation appeared to be up in the air.
According to Jon Krawczynski with The Athletic, Alex Rodriguez and Marc Lore have submitted signed documents to the NBA to complete acquiring majority control of the Timberwolves and Lynx from Glen Taylor. The league has to formally approve the process.
On Monday, reporters emerged that Rodriguez and Lore were working with private equity firm Carlyle to come up with part of the capital for their final payment. They owe about $600 million to take Taylor out of majority ownership, and the deadline for the payment is March 27. That’s already an extension from a previous deadline.
Carlyle had initially agreed to pay about half of that $600 million, but discussions with the NBA stalled and they couldn’t reach an agreement. According to The Athletic, Dyal Capital Partners has come on as an investor with Rodriguez and Lore's group, which gives them the financial resources necessary to complete the deal.
Rodriguez and Lore initially agreed to buy the Timberwolves from Taylor for $1.5 billion back in 2021 in a process that would involve multiple transactions. They would have 60 percent ownership after the next payment is made, while Taylor would still have 20 percent. The deal still has to be approved by the NBA's Board of Governors, and it's not clear how long that process will take.
On the court, the Timberwolves are 47-22 and one game out of the No. 1 spot in the Western Conference. Rodgriguez and Lore are normally courtside regulars for home games, but they were not at Tuesday night’s loss to the Denver Nuggets.