The former player and his business associate aim to acquire a majority ownership in the Minnesota Timberwolves.
Legendary athlete Alex Rodriguez of the New York Yankees is still on track to collaborate with Marc Lore to control the majority of the Minnesota Timberwolves. However, a rumor claims that the agreement to finalize the purchase is in peril because it has lost support as
A-Rod, as he is affectionately known, and Lore started the buying process in 2021 with two $1.5 billion 20% installments, and they exercised their option to purchase an additional 40% of the team at the start of 2024. The Timberwolves set the price of the deal at $1.2 billion.
In order to become majority owners of the NBA team that is now ranked third in the Western Conference, A-Rod and Lore owe owner Glen Taylor $600 million.
However, Rodriguez-Lore still needs to acquire additional funding to fulfill their legal obligation because the payment date is March 27.
Taylor informed David Schama, “They had an equity group that was going to come in and put up $300 million.” “And the NBA has rejected them or that equity group has left.
Taylor is speaking about the Carlyle investment firm, and while it became known that the league was keeping Alex Rodriguez and Lore from ending their business relationship due to investment regulations,
A-Rod and Lore will have one week to secure the funding necessary to proceed to the next round, which will need the NBA Board of Governors’ approval. However, in contrast to Taylor’s assertions, Sportico revealed that the NBA informed them in a statement that it “did not reject Carlyle’s proposed investment.”
Who do the Timberwolves play next?
The Timberwolves are now one game behind the Denver Nuggets for the third spot in the Western Conference, and they are also behind the Oklahoma City Thunder, following their most recent defeat.
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