In April 2021, former baseball star Alex Rodriguez and business partner Marc Lore began an installment buyout process of the Minnesota Timberwolves from current owner Glen Taylor. Lore and Rodriguez previously purchased two 20% installments at a $1.5 billion valuation for the franchise. They exercised their rights to buy an additional 40% of the franchise earlier this year. The last installment is scheduled for March 27 but in recent days they have lost the financial support of the Carlyle Group which should have allowed the payment of the final tranche. They now need to find new financiers to gain majority ownership of the Timberwolves franchise, according to ESPN News Services.
This article originally ran on March 20, 2024 at 3:12 pm – The following is the midnight update on March 21: Marc Lore and Alex Rodriguez have submitted the necessary financial documentation to complete the purchase of a majority stake in the Timberwolves. The publicity of the move comes from the morning article which questioned the final success of the operation due to the news of the withdrawal from the deal of the Carlyle Group, which was supposed to finance it.
Lore and Rodriguez have a March 27 deadline to make the final payment for a 40 percent stake that will allow them to replace Glen Taylor as principal owner of the franchise and the WNBA’s Minnesota Lynx. Taylor will retain a minority stake in both teams. The NBA has yet to give its approval to the new ownership structure, and The Athletic’s Shams Charania says he’s not sure how long that will take.
2024-03-21 00:05:35
#Doubts #sale #Minnesota #RodriguezLore #couple #removed
