The Minnesota Timberwolves may have found their new owners.
According to CBS Sports, Alex Rodriguez and entrepreneur Marc Lore are finalizing a deal to purchase the Wolves from current owner Glen Taylor, who purchased the franchise for $88 million in 1994. The two reportedly signed a letter of intent on Saturday, giving them a 30-day window to close the deal, which is expected to cost them around $1.5 billion. A-Rod and Lore confirmed the negotiation phase in a joint statement.
“We look forward to entering this phase of the process with Glen Taylor,” the wrote. “Our respect for him and the legacy he has built lays an amazing foundation for what is to come. We are excited by the prospect of getting to know the Timberwolves organization.”
It’s reported that A-Rod and Lore will be minority owners with an even stake until 2023; at that time, the two when will assume full control of the team. which has not reached the playoffs since the 2017-18 season. A Timberwolves spokesperson told the Star Tribune that the deal includes the purchase of the Minnesota Lynx. Taylor told The Athletic’s Jon Krawczynski that the plan was to keep both teams in the Gopher State.
Taylor expressed his willingness to sell both teams back in July 2020, but told The Athletic he refused to sell to anyone who planned to take them out of Minnesota.
“I was recently approached by The Raine Group to discuss the future of our franchise,” he wrote. “From the time I bought the team in 1994, I have always wanted what’s best for our fans and will entertain opportunities on the evolution of the Timberwolves and Lynx ownership structure.”
News of the deal comes about a year after A-Rod and Jennifer Lopez made an unsuccessful attempt to buy the New York Mets. The team was ultimately sold to Steve Cohen for $2.4 billion.