New owners of the Wolves (NBA) and the Lynx (WNBA), Alex Rodriguez and Marc Lore have committed to acquiring 80% of the two franchises by December 31, 2023. They had two years to pay $1.5 billion to the former owner, Glen Taylor, who currently retains 20% of the shareholding.
A payment in installments in three stages, and after having acquired 40%, the former MLB star and his partner, who made his fortune in online sales, must activate the redemption of the last remaining 40% (i.e. 80% in total ).
For this, the two men approached other investors, and Axios announces that Carlyle, one of the largest investment funds in the world, will help them. Our colleagues point out that other very minority shareholders could also position themselves.
It’s a breath of fresh air for the two co-owners, especially since they have already taken a big turn since the franchise is now valued at $2.3 billion. At the time of the buyout, it was valued at $1.8 billion, and this valuation could further explode with the future renegotiation of TV rights by the NBA.
