Timberwolves Sale Looking Shaky After A-Rod and Marc Lore Lose $300M Mystery Investor

Alarm bells have been ringing, yet again recently, surrounding possible cash problems for Minnesota Timberwolves minority owners and ongoing majority purchasers Alex Rodriguez and Marc Lore.

A-Rod and his “billionaire” business partner have used up all of their financing extensions. If the final payment is not made by next Wednesday (March 27), the agreed upon deal to purchase the Timberwolves could be nullified and Taylor would keep what Alex and Marc have already paid him, a reported $600 million. Remember that number.

On Tuesday, another longtime local insider, David Shama — who’s been scooping from his own website shamasportsheadliners.com for awhile — has quotes from a direct interview with Glen Taylor in which he divulges even more information regarding the cash problems that Rodriguez and Lore are currently facing.

Marc Lore, Alex Rodriguez owe $600 million to Glen Taylor by March 27

Shama reports that the payment due next week is upwards of $600 million, the same amount they’ve struggled to cobble together through this prolonged three-year purchase process.

The final payment to give Lore and Rodriguez majority control over the teams (Taylor becomes a minority owner) is due a week from Wednesday.

Taylor told Sports Headliners yesterday about $600 million is needed to make the final payment.

David Shama – Shama Sports Headliners

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Does $600 million still owed seem high. That’s because the had another investor who was willing to foot half of that remaining bill ($300M). Now, either because that investment group was denied by the NBA or because they dropped out on their own accord, said investor is no longer in the equation.

“They had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them. They have to go out and find new revenue.  That I do know.  I don’t know if they found it or what they’re going to do.  We haven’t seen the schedule of ownership yet.”

Timberwolves majority owner Glen Taylor (via David Shama – Shama Sports Headliners)

Minnesota Timberwolves purchase feels in jeopardy…

That means A-Rod and Lore have just over one week to scramble up a reported $600 million, something they haven’t been able to do over the course of three years. All that’s on the line is the first $600 million they’ve reportedly already paid.

At this point, there’s no guarantee that the NBA would even approve the final sale of the Wolves and Lynx organization to the Rodriguez + Lore ownership group, given all the financial hurdles they’ve struggled to clear along the way, and even up to the finish line.

The NBA will have a final call on approving the sale even if the Lore and Rodriguez group meet their final payment obligation.  That might not be a slam dunk.  If the league isn’t convinced the new owners can meet operating obligations with their finances, approval won’t be granted.

David Shama – Shama Sports Headliners

Clearly, Glen Taylor is growing increasingly nervous over where this all ends, and for good reason. One of the problems that continues to be reported on, in recent weeks, between all of Glen’s favorite local insiders (Darren Wolfson, Shama and Charley Walters) is that he is finding it harder and harder to get ahold of his supposed business partners.

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A-Rod and Lore’s cash problems are nothing new but these newfound communication issues are. And whenever there is a sudden drop-off in communication, no matter what kind of relationship we are talking about, there is usually a problem.

But is there any realistic way that someone as powerful, and with as many connections as Marc Lore, would allow an old rich asshole like Glen Taylor walk away with hundreds of millions of his dollars and just wave goodbye? No chance, right? If so, Taylor could turn around and sell the franchise to someone else for double the $1.5 billion he agreed to sell it to Lore and A-Rod for.