Former MLB star Alex Rodriguez and billionaire Marc Lore appear to be close to owning the Minnesota Timberwolves, finalizing a deal with current owner Glen Taylor, according to reports.
The pair released a statement on Saturday:
“We look forward to entering this phase of the process with Glen Taylor. Our respect for him and the legacy he built lays an amazing foundation for what is to come. We are excited by the prospect of getting to know the Timberwolves organization, the talented team and their incredible fans.”
The letter of intent paves the way for a 30-day exclusive negotiating window. If a deal is finalized, they would first become minority owners, according to The Athletic, and in 2023, would gain full control.
The Athletic reported an agreement was reached on a $1.5 billion price and that the team would remain in Minneapolis — a requirement from Taylor, who has owned the team for almost 30 years.
ESPN also reported the deal was being finalized.
Rodriguez attempted last year to buy the New York Mets alongside ex-fiancee Jennifer Lopez, and Lore was among the other partners in that bid.
Lore, a billionaire New York native, stepped down as Walmart CEO in January. The former entrepreneur created Jet.com (sold to Walmart for $3 billion) and Diapers.com (sold to Amazon for $545 million), among other business ventures.
–Field Level Media (@FieldLevelMedia)