Their ownership structure still must be approved by the NBA’s Board of Governors before they can assume full control of the franchises.
Marc Lore and Alex Rodriguez have submitted signed financial documentation to the to complete the acquisition of majority control of the and Lynx from Glen Taylor, multiple sources briefed on the matter told The Athletic. Dyal Capital Partners has joined as an investor in the Lore-Rodriguez group, giving them the final financial backing necessary to complete the transaction, industry sources said.
This step comes one day after it was reported that the Carlyle Group, a private equity firm, had pulled its $300 million from the Lore-Rodriguez group. League sources told The Athletic that Carlyle was not able to agree to certain requirements the NBA makes of investors, so it was mutually agreed upon that Carlyle would withdraw. “The NBA did not deny Carlyle’s proposed investment in the Minnesota Timberwolves and Lynx,” league spokesman Mike Bass told The Athletic.
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