A-Rod and Lore lose financial backer ahead of final payment for Wolves; Wolves assistant arrested

[famicommander]

Bit of a double whammy for the Minnesota Timberwolves with two seemingly unrelated stories coming out in the last 24 hours:

Former baseball star Alex Rodriguez and Marc Lore have lost the financial backing of the Carlyle Group with one payment left to claim majority ownership of the Minnesota Timberwolves, according to current owner Glen Taylor.

That payment was set to close a process that began in April 2021 for Lore and Rodriguez to purchase the Timberwolves in installments. Lore and Rodriguez previously purchased two installments of 20% at a $1.5 billion valuation for the franchise. They exercised their rights to buy an additional 40% of the franchise earlier this year.

However, Taylor told Minnesota sports reporter David Shama that Rodriguez and Lore will now need to find a new way to raise money for the final installment, which is due on March 27.

"They had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them," Taylor told Shama. "They have to go out and find new revenue. That I do know. I don't know if they found it or what they're going to do. We haven't seen the schedule of ownership yet."

A-Rod, Lore lose backing in deal for Timberwolves

Alex Rodriguez and Marc Lore have lost the financial backing of the Carlyle Group with one payment left to claim majority ownership of the Minnesota Timberwolves and Lynx.

www.espn.com

A Minnesota Timberwolves employee was fired, arrested and charged with felony third-degree burglary for allegedly stealing thousands of internal files, including "strategic NBA information," from a team executive, according to a criminal complaint filed Wednesday and obtained by ESPN.

Somak Sarkar, 33, who previously served as a coaching analyst for the Timberwolves, is in custody and faces a court hearing Thursday afternoon in Minnesota. An attorney wasn't listed for him as of Wednesday afternoon.

Wolves analyst charged with stealing info, fired

A Timberwolves analyst has been fired after being arrested on a felony burglary charge for allegedly stealing "strategic NBA information" from a team executive.

www.espn.com

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[BKIslandersFan]

Looks like NBA didn't do a good job with due diligence here.

 

[oknazevad]

A-Rod's group almost immediately got another backer. Rodriguez, Lore move closer to Wolves, Lynx deal