One day after a private equity firm pulled its $300 million investment from Alex Rodriguez and Marc Lore’s bid to acquire majority control of the Minnesota Timberwolves and Lynx, the pair found a new financial backer and filed paperwork with the NBA to complete the deal, The Athletic reported Wednesday.
Per The Athletic, Rodriguez and Lore’s original backer, the Carlyle Group, did not come to an agreement regarding requirements for those investing in the NBA, so the sides agreed to part ways.
Rodriguez — the former baseball star — and Lore found assistance elsewhere, with Dyal Capital Partners reportedly joining the duo as an investor to supply the financial backing that will complete the purchase of the two franchises from Glen Taylor. Former Google CEO Eric Schmidt is part of the new ownership group, per the report.
Rodriguez and Lore have been attempting to purchase another 40 percent of franchise equity on top of the 40 percent that they already have, which would allow them to take over as lead owners of both franchises. The NBA Board of Governors must approve the ownership structure, with no timetable set for that process.
The pair had made two purchases of 20 percent equity dating back to 2021 as part of a gradual move toward gaining control of the Minnesota franchises.
Rodriguez and Lore exercised their option to buy the final 40 percent of their deal in December, opening a 90-day window to close the deal. They had until March 27 to submit the paperwork to the NBA.
–Field Level Media
