It's been almost three years since Alex Rodriguez And Marc Lore undertook to buy the Wolves/Lynx, for a total of $1.5 billion. An operation which was spread out over time, with Glen Taylor gradually ceding control of the two franchises, NBA and WNBA, in particular to ensure that they would not leave Minneapolis.
But since the beginning, there have been rumors that the former baseball star, retired since 2016, and his partner, a billionaire who made his fortune in online sales, do not have the equity to validate the sale, and that they must integrate other investors gradually in order to make the three payments.
Except that after having already bought 40% of the clubs, in two installments, Alex Rodriguez and Marc Lore have until March 27 to validate the buyout of the additional 40%, which would give them full control of the Wolves/Lynx.
The Carlyle Group withdrew from the project
Problem: as Glen Taylor explains, the Carlyle Group investment fund, which was to provide $300 million to the two investors, withdrew from the project in recent weeks!
“They had a group of investors who were going to come in and invest $300 million, and that group of investors pulled out or got turned down by the NBA.”, said Glen Taylor. “They have to find new financiers. This is what I know. I don't know if they found it or what they're going to do. »
But why did the Carlyle Group pull out? Sportico first explained that the investment fund, which manages a huge amount of assets, negotiated for months with the NBA in order to put in place a structure that respects the rules of the Great League. Without succeeding. However, a league spokesperson later responded that the NBA “did not refuse the investment proposed by Carlyle”.
Whether the NBA refused the money from the Carlyle Group or whether it ultimately decided not to lend it to Alex Rodriguez and Marc Lore because the league demanded too many guarantees and safeguards ultimately changes nothing in the final observation: the two men must urgently find 300 million dollars. By March 27, therefore…
