In their quest for majority ownership of the Minnesota Timberwolves and Minnesota Lynx, former All-Star infielder Alex Rodriguez and his business partner have reportedly hit a roadblock.
Rodriguez and entrepreneur Marc Lore have lost the financial backing of their private equity partners, according to current owner Glen Taylor.
While it is unclear why The Carlyle Group—a Washington D.C.-based private equity firm—is no longer backing Rodriguez and Lore, it is notable as the two businessmen have just one more payment to make to take majority ownership.
Alex Rodriguez and Marc Lore have been working towards majority ownership of the Minnesota Timberwolves and Lynx since 2021.
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“They had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them,” Taylor told Minnesota-based reporter David Shama.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.”
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The deadline for Rodriguez and Lore to make that payment is March 27. In a Tuesday afternoon Sportico report, the NBA denied that it had blocked The Carlyle Group’s involvement.
Taylor has owned the Timberwolves since 1994 and the Lynx since ’99.
