- Lore and Rodriguez have until the end of the month to finance the purchase
- The NBA would have to approve any new investors entering the transaction
- DailyMail.com provides all the latest international sports news
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Baseball legend Alex Rodriguez and his billionaire business partner Marc Lore are reportedly scrambling to find $300 million to complete their sale of the Minnesota Timberwolves after an investment group that backed them pulled out of the deal.
However, a spokesperson for Rodriguez told DailyMail.com that the deadline would be met as the duo have other financing options.
The deadline for Lore and Rodriguez to complete the deal is the end of March. If finalized, they will own the majority stake in the WNBA’s Timberwolves and Minnesota Lynx.
Rodriguez and Lore reached an agreement with Timberwolves majority owner Glen Taylor in 2021 to purchase the basketball teams for approximately $1.5 million.
The Timberwolves were last valued at $2.8 billion by SporticoRodriguez and Lore paying a little more than half that amount to purchase the franchise.
Rodriguez and Lore have been in the process of buying the Timberwolves for three years
The purchase also comes with a majority stake in the WNBA’s Minnesota Lynx.
The next round of funding would take the duo from 40% control of the team to 80%.
Rodriguez and Lore have discussed with multiple parties whether Carlyle is not approved by the NBA, Rodriguez’s spokesperson told DailyMail.com.
Both sides are on schedule to complete the deal by the end of March, the spokesperson added. The NBA would have to approve any other investors.
An NBA spokesperson did not immediately respond to DailyMail.com’s request for comment.
Lore is a former chairman and CEO of Walmart and a longtime business partner of Rodriguez
Rodriguez retired from professional baseball in 2016 and has made numerous investments since
Lore and Rodriguez raised funds for the sale worth $2.1 billion, according to Sportico.
The Carlyle Group is also currently supporting the $58 million sale of the NWSL’s Seattle Reign.
Rodriguez’s post-baseball career was dominated by broadcasting and entrepreneurship.
The acquisition of the Timberwolves and Lynx would be its first ownership of a professional sports team after bids to purchase the New York Mets fell through in 2020.