Prospective owners Marc Lore and Alex Rodriguez submitted signed financial paperwork to the NBA to acquire majority ownership of the Timberwolves and Lynx, The Athletic reported Wednesday.
That step comes as Dyal Capital Partners joined the investor group, according to The Athletic, which gave Rodriguez and Lore the necessary capital to complete the majority purchase.
Lore and Rodriguez own 40 percent of the organization and are now apparently set to make their final 40 percent purchase from majority owner Glen Taylor. The duo had until March 27 to submit the papers.
Dyal Capital Partners entered the equation after the Carlyle Group reportedly pulled its potential investment. Dyal Capital Partners is a new player in sports ownership. The company bought the Phoenix Suns in 2021 at a $1.55 billion evaluation, then flipped it at a $4 billion valuation in 2023, a 158 percent appreciation according to Sportico.
Lore and Rodriguez first reached a $1.5 billion sale agreement with Taylor for the Wolves and Lynx in 2021. Taylor has given the two major influence on organizational decisions since then. They headed the search process that ended in the hiring of Tim Connelly as Timberwolves president of basketball operations.
The new ownership structure still needs to be approved by the NBA’s Board of Governors, which will have another meeting in April.
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