Former Major League Baseball player Alex Rodriguez and billionaire Marc Lore are finalizing a deal to purchase the Minnesota Timberwolves from Glen Taylor for approximately $1.5 billion, ESPN's Adrian Wojnarowski reports.
"We look forward to entering this phase of the process with Glen Taylor. Our respect for him and the legacy he has built lays an amazing foundation for what is to come," Rodriguez and Lore said in a statement obtained by Wojnarowski.
"We are excited by the prospect of getting to know the Timberwolves organization, the talented team, and their incredible fans."
Taylor will remain in control of the team for the next two seasons before Rodriguez and Lore take over in 2023, Wojnarowski adds. The owner told The Athletic's Jon Krawczynski that negotiations with Rodriguez and Lore involved keeping the team in Minnesota going forward.
The 79-year-old businessman has served as the Timberwolves' majority owner since purchasing the team in 1994 before also taking over the newly established Lynx in 1999.
The Timberwolves have been one of the NBA's worst teams for the majority of Taylor's ownership tenure, with only one playoff appearance (2018) dating back to the 2003-04 campaign. Meanwhile, the Lynx have enjoyed much more success in their 22-season history, winning four WNBA championships over that span.
Rodriguez, who previously attempted to purchase the New York Mets, won three MVPs during his 22-year playing career. Lore, who is the former president and CEO of Walmart and the current CEO of Jet.com, is close friends with Rodriguez.
Copyright © 2021 Score Media Ventures Inc. All rights reserved. Certain content reproduced under license.