Alex Rodriguez and Marc Lore still haven’t formally become the new majority owners of the Minnesota Timberwolves and Lynx — but help from a $382 billion global investment firm may finally push their deal across the finish line.
Rodriguez and Lore own 40% of the teams, and current Timberwolves/Lynx majority owner Glen Taylor recently said that he expected the pair to delay the deadline to make their next payment, which would give them full control.
Now, Axios reports that A-Rod and Lore are close to a deal with the Carlyle Group to bring the U.S.-based private equity company in as a minority investor in the franchises. At the time of their deal — in May 2021 — the Timberwolves and Lynx were together valued at $1.5 billion, but Carlyle would reportedly be investing at a valuation of $2.3 billion.
Since Rodriguez and Lore agreed to purchase the franchise, the Phoenix Suns have sold for $4 billion and the Charlotte Hornets for $3 billion.
Locally, the Timberwolves are partnered with Bally Sports North for this season but will likely be finding a new broadcast partner with Diamond Sports Group’s NBA deals coming to an end in 2024.
The Timberwolves are currently in first place in the Western Conference. The Lynx made the 2023 WNBA playoffs but lost in the first round.
