Former baseball star Alex Rodriguez and business partner Marc Lore must find new financial backers to gain majority ownership of the Timberwolves franchise, according to ESPN News Services.
They’ve lost the financial backing of the Carlyle Group with one payment left to claim majority ownership from current owner Glen Taylor. That payment would complete a process that began in April 2021 for Lore and Rodriguez to purchase the Timberwolves in installments. Lore and Rodriguez previously purchased two installments of 20% at a $1.5 billion valuation for the franchise.
They exercised their rights to buy an additional 40% of the franchise earlier this year. The final installment is due on March 27.
We have more on the Timberwolves:
- With Karl-Anthony Towns, Rudy Gobert and Naz Reid sidelined on Tuesday, two-way player Luka Garza received extended playing time. He posted 11 points and six rebounds in 22 minutes during the 115-112 loss to Denver. “I’ve just been working this entire year to help this team when I’m out there,” Garza told Chris Hine of the Minneapolis Star Tribune. “I still feel like there’s another level I can get to. All I know is I did everything I could. I played hard.”
- Despite being shorthanded and one the second night of a back-to-back, Minnesota pushed the Nuggets to the limit on Tuesday. Anthony Edwards, who dislocated a finger the previous night, missed a 3-point attempt that could have sent the game to overtime. “They’re really well-coached. They execute really well. They have Ant, who is one of the best players, most talented players, in the NBA right now,” Nuggets superstar Nikola Jokic told Bennett Durando of the Denver Post. “You have Mike Conley, who’s a really good veteran. They just play really well. They play hard. They run their plays with purpose. That’s why they’re good. Even from the (2023) playoffs — they missed a couple guys in the playoffs, too, but they still had really good fight.”
- Having appeared in his 65th game this season, Edwards is now eligible for postseason awards, ESPN’s Bobby Marks tweets. That could lead to a bump in his salary. Edwards signed a five-year maximum-salary rookie extension last summer, which could rise in value from $204MM (25% of next season’s cap) to $245MM (30% of the cap) if he’s named All-NBA this season. The former No. 1 overall pick is averaging 26.7 points, 5.4 rebounds and 5.1 assists per game.
Garza played well. Glad to see him making his way. He’s worked his way to get here. Still working ……..
He’s a cult hero for us, just like Naz Reid. We chant his name every time he comes in. Really hard worker. Easy to root for.
Axios says that the deal fell apart because the NBA rejected the deal with Carlyle.
link to axios.com
Hard to believe they won’t be able to work out some financing. They’re paying 40% 0f $1.5B for a team that valued by Sportico and Forbes as north of $2.5B. In other words they’re paying $600,000,000 for something that’s worth $1,000,000,000.