Is Alex Rodriguez’s Timberwolves purchase facing issues?
Alex Rodriguez and business partner Marc Lore agreed to purchase the Minnesota Timberwolves last month, but that doesn’t mean it’s a done deal. In fact, it sounds like there are a number of issues that have to be sorted out.
The first issue that Rodriguez and Lore face is a lawsuit by one of the Timberwolves’ minority owners claiming the pending sale violates existing partnership agreements. According to Josh Kosman of the New York Post, some insiders believe a Monday hearing is likely to result in a temporary suspension of the deal, adding more uncertainty.
Sources also tell the Post that Rodriguez and Lore are still “scrambling” to raise the $1.5 billion necessary for the purchase, and are not close to reaching that number. That won’t kill the sale for now, as the terms of their agreement state that they can purchase the rest of the franchise within 18 months after making an initial $300 million down payment, which they are able to do right now.
Rodriguez has also faced questions about the Timberwolves’ future in Minnesota, though he has publicly stated his intention to keep the team where it is.
The deal is certainly not off, and these issues — some of which are out of Rodriguez’s control — could certainly be addressed and settled in the coming weeks or months. However, it’s clear that there are definitely some things to iron out at this point.