Former baseball star Alex Rodriguez and Marc Lore have lost the financial backing of the Carlyle Group with one payment left to claim majority ownership of the Minnesota Timberwolves, according to current owner Glen Taylor.
That payment was set to close a process that began in April 2021 for Lore and Rodriguez to purchase the Timberwolves in installments. Lore and Rodriguez previously purchased two installments of 20% at a $1.5 billion valuation for the franchise. They exercised their rights to buy an additional 40% of the franchise earlier this year.
However, Taylor told Minnesota sports reporter David Shama that Rodriguez and Lore will now need to find a new way to raise money for the final installment, which is due on March 27.
“They had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them,” Taylor told Shama. “They have to go out and find new revenue. That I do know. I don’t know if they found it or what they’re going to do. We haven’t seen the schedule of ownership yet.”
It was unclear why the Carlyle Group was out. The NBA told Sportico in a statement that the league “did not deny Carlyle’s proposed investment.”
According to a report from Sportico, Lore and Rodriguez have been in talks with other financiers in the event Carlyle would not be approved by the NBA. If the payment is made, the change of ownership would still need to be approved by the NBA’s Board of Governors.
The duo would also acquire the controlling stake of the WNBA’s Minnesota Lynx as part of the deal.
Field Level Media contributed to this report.