Alex Rodriguez and Marc Lore are in the clear to officially become the new majority owners of the Minnesota Timberwolves.
Shams Charania of The Athletic reported Wednesday that the retired MLB legend Rodriguez and his business partner Lore have submitted financial documentation to the NBA to complete their acquisition of a majority stake in the Timberwolves (as well as of the WNBA’s Minnesota Lynx).
Rodriguez and Lore were facing a deadline of March 27 to make their final payment to close the sale. With one week to go ahead of that deadline, they have now reportedly gotten the financial backing necessary from a new pre-approved investor — Dyal Capital Partners.
Back in 2021, Rodriguez and Lore reached an agreement with longtime Timberwolves owner Glen Taylor to buy the team in installments (at a $1.5 billion valuation). They had made all the necessary payments on schedule and were set to do so with the final one this month as well. But Rodriguez and Lore recently had equity group Carlyle, who was originally supposed to provide them with the financial backing for the final installment, withdraw on them. ESPN reports that it is unclear why Carlyle suddenly backed out but adds that the NBA says they did not deny Carlyle’s proposed investment.
In 2022, Rodriguez was rumored to be having money issues with regard to the deal for the Timberwolves. But he put those rumors to bed months later with a big out-of-pocket cash payment to help complete the second of the three installments. Now Rodriguez and Lore, despite the minor hiccup, have found a new investor to help them with the final installment. They will now become the official majority owners of a very exciting young Timberwolves team sitting at 47-22 this year with an excellent shot at a deep playoff run.
