The Carlyle Group has dropped out of financing the next payment by Marc Lore and Alex Rodriguez to purchase the Minnesota Timberwolves.
Carlyle had been in talks with the NBA for several months about the possible investment, but were unable to agree to a structure that would be approved by the league.
Glen Taylor said on Tuesday there’s been issues surrounding $300 million of financing for the latest funding round. The deadline for the payment, which will give the duo another 40% bringing them to 80% of the team, is due at the end of March.
“They (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and A-Rod) had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them,” Taylor told reporters.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.”
Lore and Rodriguez agreed to purchase the Timberwolves for $1.5 billion.
An NBA spokesman said in a statement that the league “did not deny Carlyle’s proposed investment.”
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