Yankees icon Alex Rodriguez's $300,000,000 Timberwolves bid stalls as key financial backing crumbles ahead of deadline
Alex Rodriguez and businessman friend Marc Lore had proposed the plan of buying major shares in the NBA's Minnesota Timberwolves and the WNBA's Minnesota Lynx back in 2021. The duo had each acquired 20% of the teams then.
Now, as they were making the final push to buy a 40% share of both teams together, the investment company that was backing Alex Rodriguez and Marc Lore backed out at the final minute as the NBA reported the deal-breaking down between the duo and the Carlyle Group based in Washington, D.C.
According to current majority Timberwolves owner Glen Taylor, Carlyle Group were expected to provide them with $300 million.
The final bid to acquire the teams stalled for a while, but Lore and Rodriguez managed to get the necessary backing from Dyal Capital Partners.
Now, both A-Rod and Marc Lore have presented the NBA with their final financial document, which would see the duo buying the final required stakes in both teams to acquire them.
The deal is a testament to the former Yankees ace, who has transformed himself into a full-fledged businessman since hanging up his cleats in 2016. Recently, A-Rod started his own podcast, which featured some celebrities in a 12-episode segment focusing on building one's business acumen in this vastly competitive world.
Alex Rodriguez pens retiring Kevin Garnett's jersey on To-Do list once team's majority stakes takeover is settled
Alex Rodriguez and Marc Lore are nearing their takeover of the collective $1.5 billion-valued (as per Front Office Sports) Minnesota Timberwolves and the Lynx. Ahead of the development, A-Rod was observed penning down a to-do list that involved retiring Kevin Garnett's jersey as the first task.
Garnett was selected by the Wolves as the fifth overall pick in the 1995 NBA draft. He spent 13 seasons with the Timberwolves before making his move to the Boston Celtics, where he won his first and only NBA championship.
Now, the Wolves nation is hopeful for some mighty changes in the team as A-Rod is set to take over the reins. But all is already going well for Minnesota, as they are currently number three in the Western Conference rankings and just a game behind the Thunder and the Nuggets.
2023–24 has been the best season for the Timberwolves in recent years, and things are only going to pick up from this point on as Yankees legend Alex Rodriguez looks set to reform and revitalize the teams in the NBA and WNBA.