One day after Alex Rodriguez and Marc Lore’s bid to acquire majority control of the Minnesota Timberwolves and Lynx lost the $300 million investment of a private equity firm, the pair found a new financial backer and filed paperwork with the NBA to complete the deal, sources told ESPN on Wednesday, confirming a report by The Athletic.
Rodriguez and Lore’s original backer, the Carlyle Group, did not come to an agreement regarding requirements for those investing in the NBA, so the sides agreed to part ways, sources confirmed. The NBA previously told Sportico that the league “did not deny Carlyle’s proposed investment.”
Rodriguez — the former baseball star — and Lore found assistance elsewhere, with sources confirming Dyal Capital Partners joined the duo as a limited partner to supply the financial backing that will complete the purchase of the two franchises from Glen Taylor.
Rodriguez and Lore had been in talks with other financiers in the event Carlyle would not be approved by the NBA, Sportico previously reported.
Former Google CEO Eric Schmidt also is part of the new ownership group, The Athletic reported.
Rodriguez and Lore have been working to purchase another 40% of franchise equity on top of the 40% they already have, which would allow them to take over as lead owners of both franchises. The NBA board of governors must approve the ownership structure, with no timetable set.
The process began in April 2021 for Rodriguez and Lore to purchase the franchises in installments. Rodriguez and Lore previously purchased two installments of 20%. They exercised their rights to buy an additional 40% in December, opening a 90-day window to close the deal. They had until March 27 to submit the paperwork to the NBA.
Field Level Media contributed to this report.