Aaron Rodriguez and Marc Lore still need $600M to close the T'Wolves dealGetty Images
Another purchasing deadline granted by T’Wolves and Lynx majority owner Glen Taylor has “been pushed back until this Thursday," presumably for the ownership group led by Alex Rodriguez and Marc Lore to “acquire more capital” to meet the $1.5B sale price, according to Charley Walters of the St. Paul PIONEER PRESS. Rodriguez and Lore still need $600M to close the deal. Taylor “hadn’t heard from the buyers in at least a month,” but he has remained patient as Rodriguez and Lore are “in the process of bringing new partners into the deal.” But those new partners “have been unknown, even to Taylor," who if he is to "become a 20 percent partner, as initially was planned, would like to know the conditions.” Walters wrote there is “whispering” that an outside equity firm is going to invest $300M in the deal, but the firm “won’t have decision-making rights.” Besides the equity firm, “five limited investors are expected to join for a total 10 percent.” Taylor has had offers to sell before. One of the families who recently purchased the Mavericks had contacted Taylor about buying the T’Wolves for “considerably more than” the $1.5B Rodriguez-Lore deal, but Taylor declined because of a condition that said the group “could move the team to Las Vegas.” Suns owner Mat Ishbia also inquired about buying the team and “probably would have paid more than” $1.5B, but the “timing for that deal wasn’t right.” There is “no doubt” Rodriguez and Lore will “demand a new arena in Minneapolis, but it’s likely they’re unaware of how long and challenging replacing Target Center would take.” The pair might also be “naive enough to think they could relocate the franchise,” but sources said that “wouldn’t happen” (St. Paul PIONEER PRESS, 2/24).
