Scoop: A-Rod and Marc Lore talking to Carlyle about T-Wolves financing

Details: A-Rod and Lore agreed to buy the basketball clubs in mid-2021, via a tranched-out purchase at a $1.5 billion valuation. This included an initial 20% stake, which has now grown to 40%.

• The pair have an option to add another 40%, which they must exercise by year-end and fund by next March. That's the piece Carlyle is expected to help with, although discussions remain ongoing with other investors that might take small pieces.
• Carlyle's tentative investment would come at around a $2.3 billion valuation. Part of that premium is just tied to NBA price inflation since A-Rod and Lore signed their original deal — based on sales of clubs in Phoenix and Charlotte — but it's also because the T-Wolves have become a much better on-court product, which has translated into significantly higher attendance and TV ratings.

Look ahead: The remaining 20% stake would be held by current majority owner Glen Taylor, but Rodriguez and Lore have a future option to buy that piece as well.