The Carlyle Group has withdrawn from financing Marc Lore and Alex Rodriguez’s upcoming payment for acquiring the Minnesota Timberwolves, creating uncertainty just before the deadline for the deal that would give them control over the NBA team and the WNBA’s Minnesota Lynx.
Despite months of discussions, Carlyle and the NBA couldn’t agree on an investment structure. Timberwolves owner Glen Taylor mentioned a $300 million financing issue for this round, with the payment due by the end of March to increase Lore and Rodriguez’s ownership to 80%.
The duo is seeking alternative financing sources, remaining optimistic about closing the deal, which still requires NBA Board of Governors’ approval. Initially agreed in 2021, the purchase values the Timberwolves and Lynx at about $1.5 billion, with the latest funding round valuing the teams at $2.1 billion.
Carlyle’s exit doesn’t reflect a reduced interest in sports investments, as they are involved in other sports-related acquisitions. The Timberwolves are valued at $2.8 billion, and the NBA stated Carlyle’s investment was not denied.
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