Marc Rohr and Alex Rodriguez have signed a signed contract to complete the acquisition of majority control of the Minnesota Timberwolves and Lynx from Glen Taylor, people briefed on the matter said. Financial documents have been submitted to the NBA. The Athletic.
Dyal Capital Partners joined Lore Rodriguez Group as an investor, giving them the final financial support needed to close the transaction, industry sources said.
The move is an important step for the group as it aims to purchase the remaining 40 per cent stake in the franchise, allowing it to succeed Mr Taylor as principal owner. Their ownership structure must be approved by the NBA's Board of Governors before they take full control of the franchise, but it wasn't immediately clear how long that process would take.
Lorre and Rodriguez own 40 percent of the team, the result of two 20-percent purchases from Taylor dating back to 2021. When the two friends first agreed to a succession plan, it was designed to be a gradual transition. control partner. This contract structure was appealing to Taylor, who at the time wasn't ready to give up full control of the team, and to Lorre and Rodriguez, who wanted time to learn the ins and outs of professional basketball and earn the funds to complete the deal. Met. $1.5 billion acquisition.
In December, Mr. Lorre and Mr. Rodriguez exercised their option to purchase the remaining 40% of the contract. The deal provides a 90-day grace period to complete the deal, giving the company a deadline of March 27 to submit the necessary documents and commitments for a formal deal.
The move comes a day after private equity firm Carlyle Group reportedly withdrew $300 million from Lore Rodriguez Group.League officials said The Athletic Carlyle could not agree to certain requirements that the NBA would place on investors, so there was a mutual agreement for Carlyle to exit.
“The NBA did not deny Carlisle's proposed investment in the Minnesota Timberwolves and Lynx,” league spokesman Mike Bass said. The Athletic.
When it became clear that Carlyle would not be able to move forward with the group, Lorre and Rodriguez quickly pivoted to new partners to accumulate the capital needed to move the process forward, and dialed in to complete the group. – Collaborated with Capital.
Some of the people known to be part of their ownership group include former Google CEO Eric Schmidt.
The final stage of the process unfolded during a great season for the Timberwolves. They are in third place in the Western Conference at 47-22, just one game behind Denver and Oklahoma City.
This resurgence ushered in a new era of popularity for the Minnesota Timberwolves. All home games were sold out, with attendance increasing nearly 10 percent from last season. Local television ratings soared and Anthony Edwards emerged as one of the league's brightest young stars.
Lore and Rodriguez have been integral to the success, leading the hiring of Tim Connelly, Tim Connelly, the Wolves' president of basketball operations, who will leave Denver in May 2022. Lore and Rodriguez, along with Taylor, have far more influence within the organization than the typical minority owner. If the transition will be facilitated by league approval, we will approve their input to facilitate the transition.
(Photo by Alex Rodriguez and Marc Lore: David Berding/Getty Images)
