Minnesota Timberwolves Owner Glen Taylor Scored $500 Million From Failed Sale Of The Team [Forbes]
The Carlyle Group Inc. (CG)
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Source: Forbes
Rejected: All-Star guard Anthony Edwards won't have Marc Lore and Alex Rodriguez as new owners of the Minnesota Timberwolves. M aybe it was a stroke of luck. Or maybe it is one of the most clever moves ever by an NBA team owner. Either way, Minnesota Timberwolves owner Glen Taylor just got something every owner loves—a huge chunk of cash while keeping control of his team after it was announced today that the group headed by Marc Lore and Alex Rodriguez will no longer be buying the team because they failed to come up with the money by the agreed upon deadline. The plan was for the Lore and Rodriguez group to buy the Timberwolves and the WNBA's Minnesota Lynx in three parts over four years with a weighted average price of $1.6 billion, including about $100 million of seller financing. In July 2021, the group purchased 20%. In March 2023 they acquired another 20%. The Lore-Rodriguez group then had until December 2023 to buy another 40%, giving them control of the team. The final 2
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