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Alex Rodriguez group to purchase Minnesota Timberwolves for $1.5 billion, sources say
Minnesota Timberwolves owner Glen Taylor has reached a verbal agreement on a $1.5 billion sale of the team to former baseball star Alex Rodriguez and e-commerce mogul Marc Lore, sources told ESPN, confirming multiple reports. NBA approval of the deal was still pending, and neither side has publicly announced an agreement. The two sides had entered an exclusive 30-day negotiating window April 10 that expired without an agreement, though the sides continued to negotiate in good faith, sources previously told ESPN's Brian Windhorst. Taylor previously said a deal was contingent on Lore and Rodriguez keeping the team in Minnesota. The team has a lease at the Target Center through 2035, but the buyout is $50 million.
Lore and Rodriguez are 50-50 partners. They tried to buy the New York Mets last year but were beaten out for the Major League Baseball club by hedge fund manager Steve Cohen. Taylor, 80, a lifelong Minnesotan who bought the Timberwolves in 1994 for $88 million to save them from moving to New Orleans, has said he will continue to run the club for two more seasons until a handover in 2023. The Minnesota Lynx WNBA team is included in the sale.
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