Alex Rodriguez, partner Lore lose backing in Timberwolves bid

Former baseball stars Alex Rodriguez and Marc Lore have lost financial backing from the Carlyle Group with a payment remaining to claim majority ownership in the Minnesota Timberwolves, according to current owner Glen Taylor.

This payment was to complete a process that began in April 2021 for Lore and Rodriguez to purchase the Timberwolves in installments. Lore and Rodriguez previously purchased two 20% installments at a $1.5 billion valuation for the franchise. They exercised their rights to purchase an additional 40% of the franchise earlier this year.

However, Taylor told Minnesota sports reporter David Shama that Rodriguez and Lore will now have to find a new way to raise money for the final installment, expected March 27.

“They had a capital group that was going to step in and invest $300 million, and either that capital group pulled out or the NBA turned them down,” Taylor told Shama. “They need to go out and find new revenue. I know that. I don't know if they've found it or what they're going to do. We haven't seen the ownership timeline yet.”

It was unclear why the Carlyle group was absent. The NBA told Sportico in a statement that the league “has not denied Carlyle's proposed investment.”

According to a report from Sportico, Lore and Rodriguez are in talks with other financiers in case Carlyle is not approved by the NBA. If payment is made, the change in ownership will still need to be approved by the NBA Board of Governors.

The duo would also acquire majority ownership in the WNBA's Minnesota Lynx as part of the deal.

Field Level Media contributed to this report.