Report: Alex Rodriguez, Marc Lore Submit Docs to NBA to Complete T-Wolves Purchase

Alex Rodriguez and Marc Lore are one step closer to purchasing an NBA franchise.

Rodriguez and Lore submitted financial documentation to the NBA to complete the majority acquisition of the Minnesota Timberwolves and the WNBA's Minnesota Lynx from Glen Taylor, according to The Athletic and Stadium's Shams Charania.

Dyal Capital Partners "has joined as a pre-approved investor in the Lore-Rodriguez group, giving them the final financial backing necessary to complete the transaction," Charania added.

Rodriguez and Lore are "ready to close the sale" as soon as the NBA approves the transaction, per Charania.

The news comes after Taylor said Rodriguez and Lore had lost the financial backing of the Carlyle Group, which was needed to complete the sale.

"[Lore and A-Rod] had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them," Taylor told reporters. "They have to go out and find new revenue. That I do know."

It's unclear why the Carlyle Group backed out. An NBA spokesperson told Sportico's Eric Jackson and Eben Novy-Williams that the league "did not deny Carlyle's proposed investment."

With Rodriguez and Lore having found new financial backing, the documents filed to the NBA will complete the purchase process that began in April 2021.

Rodriguez and Lore previously purchased two 20 percent installments in the Timberwolves and Lynx franchises at a $1.5 billion valuation, giving them 40 percent ownership in the teams.

They will be purchasing another 40 percent from Taylor to give them 80 percent ownership in the NBA and WNBA franchises. The final payment for Rodriguez and Taylor to take over majority control is due March 27.

If the payment is made, the change of ownership still needs to be approved by the NBA's Board of Governors.

Rodriguez and Lore have been more involved with the Timberwolves over the last few years despite not having majority control. They encouraged Tim Connelly's hiring as president of basketball operations in 2022 and have frequently been seen siting courtside at Target Center.

Taylor has owned a majority stake in the Timberwolves since 1994 and he purchased the Lynx in 1999.