Baseball great Alex Rodriguez and tech entrepreneur Marc Lore have reached an agreement to purchase the Minnesota Timberwolves from Glen Taylor for $1.5 billion, The Athletic reported Thursday.
Rodriguez and Lore will be 50-50 partners and are expected to sign formal paperwork shortly, per the report.
Rodriguez and Lore were granted a 30-day exclusive negotiating window on April 10 and have spent time meeting with team personnel and touring the facilities during that time.
The Athletic previously reported that one of Taylor’s requirements for an agreement was that the team he has owned for nearly 30 years would remain in Minneapolis.
Earlier reports also indicated that the WNBA’s Minnesota Lynx would be included in the deal.
Rodriguez attempted last year to buy the New York Mets along with former 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.
Rodriguez, 45, was a 14-time All-Star and three-time MVP during his 22 seasons with the Seattle Mariners, Texas Rangers and New York Yankees. He ranks fourth all-time in home runs (696) and RBIs (2,086).
–Field Level Media (@FieldLevelMedia)