The shocking news of Alex Rodriguez and Marc Lore’s failure to purchase the  Minnesota Timberwolves hit the airwaves recently. While the announcement by the majority governor of the Wolves Glen Taylor did come as a surprise, turns out there are several reasons for the deal sinking.

According to Joe Pompliano’s post on X, “It seems like there is more to this story… In 2021, A-Rod and Lore agreed to purchase the team (over several transactions) for $1.5 billion. Since then, the team’s paper value has increased by $1B+, and there isn’t a good reason why they couldn’t find someone else to fund it.”

Rodriguez and Lore encountered difficulties in securing financing to complete the acquisition. Despite initially losing support from private equity firm Carlyle, they appeared to have gained a new backer in Dyal Capital recently.

However, with just a week to finalize the investment structure, it appears the Rodriguez-Lore consortium failed to make the last payment before Wednesday’s deadline. Consequently, Taylor withdrew from the agreement, retaining his position as the primary owner of the franchise.

While Taylor remarked that, “I will continue to work with Marc, Alex and the rest of the ownership group to ensure our teams have the necessary resources to compete at the highest levels on and off the court,” said Taylor. “The Timberwolves and Lynx are no longer for sale,” the deal upending must hurt A-Rod.

On the other hand Sams Charania reported on X, “Statement from spokesperson on behalf of Marc Lore and Alex Rodriguez, reading in part: “We have fulfilled our obligations, have all necessary funding and are fully committed to closing our purchase of the team as soon as the NBA completes its approval process.”

So, looks like they are in ‘self-preservation’ mode post the tanking of the deal.

Alex Rodriguez & Marc Lore fell short right at the end

Marc Lore and Alex Rodriguez initially acquired a 40% ownership stake in the franchise, with plans to increase their share to 80% this week. Following the Carlyle Group’s withdrawal of a $300 million investment earlier this month, Lore and Rodriguez reportedly secured backing from Dyal Capital Partners, another private equity firm. The group submitted financial documentation to the NBA last week in an effort to meet the deadline, as reported by The Athletic.

The Timberwolves are currently boasting a 50-22 record this season, contending for the top seed in the Western Conference. They recently inked guard Mike Conley to a two-year, $20.8 million contract extension, anticipating a significant increase in payroll next season with the commencement of extensions for stars Anthony Edwards and Karl-Anthony Towns. Do you think another opportunity will open up for Alex Rodriguez and his partner? Was this the right move by Taylor?

Trending

Bronny in Deep Waters as $800,000 Suffering Forces LeBron James’ Son to End College Career With Major Declining Numbers

April 27, 2024 01:45 PM EDT

“It Will Ruin the Game”: Citing Caitlin Clark’s Example, Geno Auriemma Warns WNBA

April 27, 2024 03:31 PM EDT

Draymond Green ‘Disappointed’ In Anthony Davis For Throwing Darvin Ham Under The Bus On Live TV

April 27, 2024 02:44 AM EDT

LeBron James Advised To Terminate $99 Million Lakers Contract For Jalen Brunson & Save His Legacy

April 28, 2024 06:14 AM EDT

“So Rigged”: All Hell Breaks Loose as Jamal Murray Forces LeBron James’ Lakers Into Bitter Embarrassment

April 23, 2024 06:21 AM EDT

Get instantly notified of the hottest NBA stories via Google! Click on Follow Us and Tap the Blue Star.

Follow Us

Let us know your thoughts in the comments

Alex Rodriguez’s $1.5 Billion Minnesota Timberwolves Investment and Their Shocking NBA Rise – Explained