ESPN.com · Mar 20, 2024
A-Rod, Lore lose backing in deal for majority stake in Timberwolves
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Former baseball star Alex Rodriguez and Marc Lore have lost the financial backing of the Carlyle Group with one payment left to claim majority ownership of the Minnesota Timberwolves, according to current owner Glen Taylor.
That payment was set to close 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.