Dec 23, 2022
Alex Rodriguez and Marc Lore have spent much of the last six months raising money to fund their purchase of the Minnesota Timberwolves, with a critical deadline due in nine days, according to multiple people familiar with the situation.
The group has until Dec. 31 to exercise an option to buy another 20% of the team from current owner Glen Taylor, the first of three pre-priced call options in a unique layaway deal approved by the NBA last July. Rodriguez and Lore have spoken with private equity firms, family offices and individual investors about coming in at higher price than the $1.5 billion valuation that they negotiated last year, said the people, who were granted anonymity because the details are private. Some of those conversations happened as recently as this month, the people said.
It’s unclear how far along the group is in securing funds, or if they intend to continue with the acquisition. Representatives for Rodriguez, Lore and the NBA declined to comment. A representative for the Timberwolves didn’t respond to a request for comment.
Source: Yahoo Sports