Wolves' Glen Taylor: Alex Rodriguez, Marc Lore Lost Money to Claim Majority Ownership

The future governorship of the Minnesota Timberwolves is in limbo right now with Alex Rodriguez and Marc Lore seeking a new financial backer.

Current Timberwolves governor Glen Taylor told David Shama of Shama Sports Headliners that Rodriguez and Lore lost their backing with one more payment needed before they can claim majority ownership of the franchise.

"They had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them," Taylor said. "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."

Per Eric Jackson and Eben Novy-Williams of Sportico, the Carlyle Group was expected to put up the money but that was no longer the case.

In a statement to Jackson and Novy-Williams, the NBA said it "did not deny Carlyle's proposed investment." It's unclear why the Carlyle Group is no longer involved.

Rodriguez and Lore reached agreement with Taylor in May 2021 to purchase the Timberwolves and WNBA's Minnesota Lynx.

The NBA approved the sale two months later, with Rodriguez and Lore initially paying 20 percent of the $1.5 billion price. They had the right to purchase additional 20 percent stakes in 2022 and 2023, at which point they would have become controlling governors.

Rodriguez and Lore exercised their first option to purchase the clubs in December 2022. ESPN's Adrian Wojnarowski reported on Dec. 28 last year the duo was expected to exercise their second option by the Dec. 31 deadline.

The deadline for Rodriguez and Lore to pay the final installment to take majority control of the Timberwolves is March 27.

Even though Rodriguez and Lore haven't taken control of the Timberwolves, they have had a significant role in the organization in recent years. They pushed for the hiring of Tim Connelly as president of basketball operations in May 2022.

If Rodriguez and Lore are able to secure the financial backing they need, the change of ownership will still need to go through the approval process from the NBA's board of governors.

Taylor purchased a majority stake in the Timberwolves in 1994. He also purchased the Lynx when they were founded in 1999.