Former MLB star Alex Rodriguez and tech entrepreneur Marc Lore have an agreement in place to finalize their purchase of the Timberwolves from current team owner Glen Taylor, per Front Office Sports.
This move has been expected to take place for some time, but it appears that it is now all but official.
“The financial terms of the deal were not immediately known, although the deal that includes the WNBA’s Minnesota Lynx is expected to be about $1.5 billion,” Front Office sports reported.
Taylor has stressed that part of the agreement includes new ownership agreeing to keep the franchise in Minneapolis.
The sale still needs approval by NBA ownership before it can be finalized, though that’s expected to be a formality.
“We’ll have to wait for confirmation on the terms of the agreement, but the plan all along has been for Taylor to retain majority control of the franchise for the time being, with Rodriguez and Lore initially serving as limited partners,” wrote Luke Adams of Hoops Rumors. “The new owners would take the reins by the 2023-24 season.”
