Former baseball star Alex Rodriguez and investor Marc Lore are facing a setback in their bid to claim majority ownership of the Minnesota Timberwolves, as the Carlyle Group has withdrawn their financial backing. The final payment for the purchase is due on March 27, and the duo now needs to find alternative funding to complete the deal.
The Carlyle Group had initially planned to invest $300 million in the ownership deal, but it is unclear whether the NBA denied them or if they voluntarily pulled out of the agreement. Lore and Rodriguez are currently in discussions with other potential financiers to secure the necessary funds in time for the payment deadline.
If the purchase goes through, the change in ownership would still need to be approved by the NBA’s Board of Governors. As part of the deal, Lore and Rodriguez would also acquire the controlling stake of the WNBA’s Minnesota Lynx.
This development highlights the challenges faced by athletes transitioning into team ownership roles and the complexity of securing funding for such high-profile acquisitions. Stay tuned for further updates on the future ownership of the Minnesota Timberwolves and the Minnesota Lynx on Forever Sports Online.
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