Alex Rodriguez and Marc Rohr attempt to acquire majority control of the Minnesota Timberwolves, a day after the Lynx lost a $300 million investment from a private equity firm, the duo has found a new financial backer. , has submitted paperwork to the NBA to finalize the deal, a person familiar with the matter said. ESPN confirmed The Athletic's report on Wednesday.
Rodriguez and Roa's original backer, The Carlyle Group, could not come to an agreement on the requirements for an NBA investor, so the two teams agreed to part ways, sources confirmed. The NBA previously told Sportico that the league “did not reject Carlisle's proposed investment.”
Rodriguez and Rohr, former baseball stars, are finding support elsewhere, with sources saying they are on the dial to provide the financial backing to complete the acquisition of the two franchises from Glen Taylor.・Capital Partners has confirmed that it has joined the duo as a limited partner.
Sportico previously reported that Rodriguez and Lorre were in talks with other financiers in case Carlisle was not approved by the NBA.
Former Google CEO Eric Schmidt is also part of the new ownership group, The Athletic reported.
Rodriguez and Lorre are working to purchase an additional 40% of the franchises on top of the 40% they already own, which would allow them to take over as majority owners of both franchises. No timeline has been set, but the NBA Board of Governors must approve the ownership structure.
The process for Rodriguez and Lorre to purchase the franchise in installments began in April 2021. Rodriguez and Lorre previously purchased two 20% installments. The companies exercised their right to purchase an additional 40% in December and had a 90-day grace period to complete the transaction. They had until March 27 to submit paperwork to the NBA.
Field Level Media contributed to this report.
