High Chances That Alex Rodriguez Might Not Win The Bid For Minnesota Timberwolves
According to Axios, the National Basketball Association turned down a plan involving the private equity company Carlyle that would have assisted in funding Alex Rodriguez and Marc Lore’s acquisition of the Minnesota Timberwolves.
High Chances That Alex Rodriguez Might Not Win The Bid For Minnesota Timberwolves
By month’s end, A-Rod and Lore have to pay for their acquisition.
Carlyle committed to a structured finance investment at a roughly $2.3 billion valuation.
The Carlyle Group will not be involved in the latest financing for the incoming Minnesota Timberwolves ownership group led by Marc Lore and Alex Rodriguez. https://t.co/n1xyZKxBkq
— Sportico (@Sportico) March 19, 2024
However, the NBA had to approve the agreement before private equity companies could purchase extremely minor shares in teams like the Golden State Warriors and San Antonio Spurs.
Negotiations between the two parties came to a standstill around two weeks ago, according to a source, because of something else in the company’s extensive portfolio that violated its institutional ownership policies.
A-Rod and Lore owe Timberwolves owner Glen Taylor a sum totaling $600 million, according to recent sources. The WNBA Timberwolves and Minnesota Lynx were estimated to have sold for $1.2 billion.
Alex Rodriguez and billionaire business partner Marc Lore rush to find $300million in financing to close $1.5billion Timberwolves purchasehttps://t.co/zfiR2e26lS via @MailSport
— Frankie Crisostomo (@FrancCrist) March 19, 2024
An equity group originally agreed to finance the other half of the final payment, but they pulled out. Rodriguez and Lore are likely to cover half of the amount.
The Timberwolves and Lynx are being pursued by Rodriguez and Lore for majority ownership. Due to the league’s investment regulations, A-Rod and Lore were allegedly prevented from collaborating with the Carlyle investment group by the NBA.
In an interview with the Daily Mail, an A-Rod representative stated that the company expects the final payment to be made regardless of their current situation.
Story: Alex Rodriguez and Marc Lore have to make a payment on buying the #Timberwolves by March 27, but it appears things are getting complicated.
What happens if it doesn't happen? @FOX9 | https://t.co/sywknctTjl
— Jeff Wald (@JeffWaldFox9) March 19, 2024
A-Rod and Lore decided to purchase the Minnesota Lynx, a WNBA team, and the T-Wolves in 2021 in a multi-part deal.
It comprised a 20% initial ownership share and a 40% purchase option, which the couple executed at the end of 2023. This month is when the payment is due.
Although Rodriguez and Lore had the option to purchase that portion in the future, Glen Taylor, the current majority owner, would hold the remaining 20% of the company.
Since Karl-Anthony Towns, Rudy Gobert, and Anthony Edwards will be leading the club for the foreseeable future, A-Rod and Lore are committed to seeing the deal through.
BREAKING: The Carlyle Group is no longer financing Marc Lore and Alex Rodriguez’s next payment in their acquisition of the Minnesota Timberwolves.
Read: https://t.co/n1xyZKy99Y
Carlyle had been in talks with the NBA for months about the possible investment. Those conversations… pic.twitter.com/aSS4Wz2w5U
— Sportico (@Sportico) March 19, 2024
This season, as the Minnesota Timberwolves rise to prominence in the fiercely competitive Western Conference, Rodriguez and Lore are in for a great lot.
How much did Alex Rodriguez buy the Timberwolves for?
Two 20% installments were previously acquired by Lore and Rodriguez at a $1.5 billion price for the franchise. The Timberwolves are having their greatest season ever, going 22-7 and holding the top spot in the Western Conference, when the ownership transfer is finalized.
Scoop: The NBA rejected a deal involving private equity firm Carlyle that would have helped finance a purchase of the Minnesota Timberwolves by Alex Rodriguez and Marc Lore, @danprimack has learned.https://t.co/uh1IaTPJch
— Jake Wilkins (@JakeWilkns) March 19, 2024
Who wants to buy the Timberwolves?
A special payment plan was used to transfer ownership of the Minnesota Timberwolves and WNBA Lynx from longtime owner Glen Taylor to Alex Rodriguez and Marc Lore.
How much are the Minnesota Timberwolves worth?
The Minnesota Timberwolves’ (NBA) franchise worth from 2003 until 2023. In 2023, the Minnesota Timberwolves’ franchise value increased to 2.5 billion US dollars.
Incredibly proud of this team.
Thanks to the @SBJ for recognizing the @Timberwolves as one of the 2024 teams of the year.https://t.co/qKC5qLdUOe
— Alex Rodriguez (@AROD) March 19, 2024
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