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Alex Rodriguez, Marc Lore find new financial partner for Timberwolves majority stake

Alex Rodriguez and Marc Lore's quest to obtain majority ownership of the Minnesota Timberwolves and Minnesota Lynx is one step closer to becoming a reality.

One day after the Carlyle Group backed out of its $300 million investment, Rodriguez and Gore found a new financial backer and have reportedly filed the necessary paperwork to the NBA to finalize the deal, according to The Athletic.

Rodriguez and Lore, who currently own a 40-percent stake, have been trying to purchase another 40 percent of the team to officially make them the majority owners of the Lynx and T-wolves.

Even with the new financial backing, the pair must gain approval from the NBA board of governors and no timeline has been given for when that'll happen.

Former professional baseball player and entrepreneur Alex Rodriguez speaks at OZY Fest in Central Park on Saturday, July 21, 2018, in New York. (Photo by Evan Agostini/Invision/AP)
Alex Rodriguez's bid to become the majority owner of the Minnesota Timberwolves gained a new wind Wednesday. (Photo by Evan Agostini/Invision/AP) (Evan Agostini/Invision/AP)

ESPN reported that the private equity firm wasn't able to come to an agreement regarding requirements for those investing in the NBA.

That created a window for Dyal Capital Partners to swoop in as the duo's limited partner and financial backer to help purchase the two franchises from Glen Taylor.

This has been an almost three-year process for Rodriguez and Lore, who initially bought their ownership stake in two 20-percent installments. In December, a 90-day window, which ends March 27, was opened when the duo exercised their right to buy another 40 percent of the team.

The Timberwolves currently own the third-best record in the Western Conference at 47-22.