Former MLB player and 3-time MVP Alex Rodriguez and businessman Marc Lore are in negotiations with Glenn Taylor to buy the Minnesota Timberwolves for $1.5 billion, according to Jon Krawczynski from The Athletic.
Sources: Alex Rodriguez, Marc Lore negotiating to succeed Glen Taylor as Timberwolves owners.
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— Jon Krawczynski (@JonKrawczynski) April 10, 2021
Taylor has been in control of the franchise since 1994 when he bought it for $88 million and has been looking for a successor in the past year. Multiple suitors have made offers but no final decision was made by Taylor, now a letter of intent has been signed and the parties will negotiate to finalize the deal.
Rodriguez and Lore will enter the organization as limited partners and Taylor still running the franchise for two and a half years more and then he would step aside for the new owners to take control.
Shams Charania from The Athletic shared a statement from Rodriguez and Lore about the new opportunity.
“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. We are excited by the prospect of getting to know the Timberwolves organization, the talented team, and their incredible fans.”
The Timberwolves have struggled with injuries this season, especially with Towns and D’Angelo Russell, and hold the worst record in the league with 13 wins and 40 losses while also having a coaching change in the middle of the season when they fired Ryan Saunders and hire Chris Finch almost immediately.
