Alex Rodriguez and Marc Lore have submitted official documentation to the NBA as they near a deal to purchase the Timberwolves and the WNBA’s Lynx, according to The Athletic’s Shams Charania.
MLB Legend Nears Deal to Purchase NBA Franchise
Just in: Marc Lore and Alex Rodriguez have submitted signed financial documentation to NBA to complete acquisition of majority controlling ownership of the Minnesota Timberwolves and Lynx from Glen Taylor, multiple sources with direct knowledge told me and @JonKrawczynski. pic.twitter.com/yKc9WnLDLY
— Shams Charania (@ShamsCharania) March 20, 2024
Alex Rodriguez’ Bid for Minnesota Timberwolves
Rodriguez and his business partner Lore became minority owners of the Timberwolves and Lynx franchises in 2021.
In the initial deal, current Timberwolves majority owner Glen Taylor agreed to a payment plan that would eventually see Rodriguez and Lore take over as majority owners.
However, on Tuesday, Taylor revealed to David Shama that the sale was on the verge of collapse.
“[Rodriguez and Lore] had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them…They have to go out and find new revenue.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.”
The equity group that Taylor referenced is Carlyle Group, a private equity firm based in Washington D.C.
Charania would later report that Dyal Capital Partners had stepped in to save Rodriguez and Lore’s purchase.
Dyal Capital Partners has joined as a pre-approved investor in the Lore-Rodriguez group, giving them the final financial backing necessary to complete the transaction, sources said. Lore and Rodriguez are ready to close the sale as soon as NBA approves. https://t.co/ho1PdsqDfb
— Shams Charania (@ShamsCharania) March 20, 2024
Alex Rodriguez Before Minnesota Timberwolves Ownership
Rodriguez is a prominent figure in American culture, and is best known for his legendary baseball career. Rodriguez played 22 season in the MLB, accumulating numerous accolades on the way.
The New York Yankees legend was a three-time AL MVP winner, a 10-time recipient of the Silver Slugger Award, and a 14-time All-Star. Rodriguez would win his first and only World Series in 2009, as the Yankees defeated the Philadelphia Phillies in six games.
The 48 year-old achieved massive pop culture attention, thanks to his relationship with pop superstar Jennifer Lopez. The couple began dating in 2017, before calling it quits in 2021.
Minnesota Timberwolves Season
The Timberwolves are in the midst of their most successful regular season in recent memory. Despite leading atop the Western Conference for much of the season, the Timberwolves now find themselves in third place.
Karl-Anthony Towns‘ lateral meniscus tear is a potentially massive dent in their hopes of a deep playoff run, as it’s uncertain when the two-time All-Star will be able to return to the court.
Minnesota Lynx in 2023
The Lynx finished third in the WNBA Western Conference last season, and were able to make the playoffs as the sixth seed. Cheryl Reeve‘s squad eventually lost in three games to the third-seeded Connecticut Sun in the first round.
