04:09 PM EDT, 03/19/2024 (MT Newswires) -- Carlyle's (CG) offer to finance the purchase of a 40% stake in the Minnesota Timberwolves by Alex Rodriguez and Marc Lore purchase was rejected by the National Basketball Association, Axios reported Tuesday, citing a source.

Carlyle's proposed structured financing of the deal was subject to the NBA's approval, but some investments in the firm's portfolio conflicted with its institutional ownership rules, according to the report.

Rodriguez and Lore have to fund the transaction by the end of March, the report said.

Carlyle and the NBA did not immediately respond to MT Newswires' requests for comment.

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