Buying a sports team is not an easy task, and Alex Rodríguez knows a lot about that, who after constant obstacles, will complete his acquisition of the Minnesota Timberwolves, thanks to the help of the company Blue Owl Capital.
According to what ESPN reports, this group of investors joined the former MLB player and his partner Marc Lore, offering to give them the $300 million they were missing for the purchase. It should be remembered that the owners had presented a different investor proposal, but it ended up being void.
Alex Rodriguez and Marc Lore secure a minority investor in the Minnesota Timberwolves as they finalize taking majority ownership from Glen Taylor. Blue Owl HomeCourt acquires a minority stake in the team.
The $1.5 billion… https://t.co/dFsOQo0sR3
— NBA Digest (@nba_digest) March 21, 2024
“They had an equity group behind them that was going to put up the $300 million they needed, but that group has either withdrawn or been denied by the NBA”Glen Taylor, still owner of the NBA franchise, revealed to the media on the subject. “Now they have to find someone else to put up the money. That’s what I know”he added.
According to information provided by The Athletic, the maximum waiting time to put in the money is next March 27. Furthermore, it is explained that “Both partners have signed documents with the NBA to demonstrate that they have that money and only the final approval of the board of governors is missing for it to be official”which is believed to happen very soon.
Incredibly proud of this team.
Thanks to the @SBJ for recognizing the @Timberwolves as one of the 2024 teams of the year.https://t.co/qKC5qLdUOe
— Alex Rodriguez (@AROD) March 19, 2024
“It’s been great. The NBA “He welcomed me with open arms.”Jennifer Lopez’s former partner had said in 2022, about his foray into the best basketball league in the world. She also explained that her desire to acquire the Timberwolves “It’s about the fans in Minnesota. I think they deserve a winner. They deserve consistency, they deserve continuity.”
Rodríguez and his partner bought the team in installments and the actions have been developing since 2021 when they signed the first papers. A year later they acquired the first 20%, in 2023 the second and so on. The total value of the sale was set at $1.5 billion.
2024-03-22 18:01:04
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