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[Saba Sports News] Alex Rodriguez and Marc Lore are set to become the new majority owners of the Minnesota Timberwolves, as reported by Shams Charania of The Athletic on Wednesday. The retired MLB star Rodriguez and his business partner Lore have submitted financial documentation to the NBA to finalize their acquisition of a majority stake in both the Timberwolves and the WNBA’s Minnesota Lynx.
Facing a March 27 deadline to make their final payment, Rodriguez and Lore recently secured the necessary financial backing from a new pre-approved investor, Dyal Capital Partners. Initially, they had an agreement with equity group Carlyle to provide funding for the last installment, but Carlyle withdrew from the deal for reasons that remain unclear.
Despite previous rumors of financial issues, Rodriguez dispelled concerns by making a significant out-of-pocket cash payment to fulfill the second installment in 2022. Now, with the support of Dyal Capital Partners, Rodriguez and Lore are poised to officially assume ownership of the Timberwolves, a promising team currently boasting a 47-22 record and eyeing a deep playoff run.