The deal is almost done, Alex Rodriguez and Marc Lore have reached an agreement with Glen Taylor to buy the Minnesota Timberwolves and Minnesota Lynx franchises for $1.5 billion, according to Front Office Sports.
Both parties started negotiations on April 10 with an exclusive window to work on the details of the deal.
BREAKING: A-Rod's ownership group seals deal to purchase Minnesota Timberwolves, @FOS has learned.https://t.co/SN4WNCDQgs
— Front Office Sports (@FOS) May 13, 2021
Taylor bought the franchise in 1994 for $88 million and has been considering selling the team multiple times but didn’t found a candidate to which he felt comfortable giving the future of the franchise.
This time was different, and now Taylor, 80, will have his lasts years as the Timberwolves’ owner.
According to the reports in April and Front Office Sports, Taylor will continue to run the team through 2023 as Rodriguez and Lore introduce themselves to the organization to then take control.
Also, the partnership between the former MLB player and the tech entrepreneur will be 50-50 as the team owners, according to Shams Charania of The AThletic.
Rodriguez and Lore are expected to sign formal paperwork shortly, and sources say A-Rod and Lore are equal, 50-50 partners in the purchase. https://t.co/9u5GqadCLH
— Shams Charania (@ShamsCharania) May 13, 2021
The deal still needs approval from the NBA Board of Governors before its finalized.
