Former MLB star Alex Rodriguez and business partner Marc Lore have lost financial backing for their purchase of the Minnesota Timberwolves and Minnesota Lynx ahead of the final scheduled payment, according to current owner Glen Taylor.

The Big Picture

The sale of the NBA teams to Rodriguez and Lore is facing financial challenges, potentially risking the completion of the acquisition.

By the Numbers
  • The equity group backing Rodriguez and Lore withdrew or was denied by the NBA $300 million, causing financial uncertainty.
  • Rodriguez and Lore have already purchased 40% of the franchise for $1.5 billion, with the final 40% stake pending payment on March 27.
Yes, But

The NBA refuted reports of denying Carlyle Group's investment, adding complexity to the situation regarding the financial backing of the purchase.

State of Play
  • Rodriguez and Lore need to secure approximately $600 million to finalize the purchase, with uncertainties surrounding their ability to do so.
  • The Timberwolves are experiencing a successful season with a 47-21 record, positioning themselves for a significant achievement in franchise history.
What's Next

Rodriguez and Lore are actively seeking new financiers to fulfill the outstanding payment and remain optimistic about completing the purchase by the end of the month.

Bottom Line

The future ownership of the Timberwolves and Lynx hangs in the balance as Rodriguez and Lore navigate financial hurdles to finalize their acquisition, potentially impacting the teams' stability and operations.