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Marc Lore and Alex Rodriguez are working on a deal with the Carlyle Group to bring the U.S.-based private equity company in as a minority investor in the Minnesota Timberwolves.

Lore and Rodriguez agreed to buy the Wolves in 2021 via a tranched-out purchase at a $1.5 billion valuation. This included an initial 20 percent stake, which has now grown to 40 percent. The next option is to add another 40 stake by next March.

Carlyle’s tentative investment would come at around a $2.3 billion valuation.

The remaining 20 percent stake will continue to be held by Glen Taylor, but Rodriguez and Lore have a future option on that piece as well.