Despite the fact that the exclusive 30 day window to come to terms on a deal came and went earlier this week, an agreement is reportedly now in place for Minnesota’s two professional basketball teams to come under the ownership of former Major League Baseball player Alex Rodriguez and former Walmart executive Marc Lore.
According to a report by Front Office Sports, the pair came to terms with Glen Taylor to take over the NBA’s Minnesota Timberwolves and WNBA’s Minnesota Lynx. Shams Charania of The Athletic reported the same, with both reports mentioning that the price tag will ultimately come in at $1.5 billion.
Former MLB star Alex Rodriguez and tech entrepreneur Marc Lore have reached agreement to purchase the Minnesota Timberwolves from Glen Taylor for $1.5 billion, sources tell @TheAthletic @Stadium.
— Shams Charania (@ShamsCharania) May 13, 2021
Front Office Sports also confirmed an earlier report that Taylor would stick around in some capacity as ownership eventually transfers to Rodriguez and Lore, with full ownership coming after the 2023 campaign. As for how the new owners will run the franchise, Charania reports that a 50-50 split between the two is in the cards.
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
News of Rodriguez and Lore being interested in purchasing the team has been out there for about a month, and while it took a little bit longer than expected for this to come to fruition, it appears the deal is essentially done. Next up: Have A-Rod introduce himself to Anthony Edwards in person.
