Alex Rodriguez is closing in on finally owning a pro sports team.
via: New York Post
The former Yankees star and his close friend Marc Lore are finalizing a deal to become the new owners of the NBA’s Minnesota Timberwolves, according to reports.
Rodriguez and Lore, an e-commerce mogul, have a 30-day window to get the deal done after signing a letter of intent with current owner Glen Taylor on Saturday, according to The Athletic. Rodriguez and Lore would be 50-50 partners and would spend the first two and a half years as limited partners so Taylor, who has owned the Timberwolves for 27 years, can bow out.
The purchase price for the team, which hasn’t made the playoffs since the 2017-18 season, is expected to be in the $1.5 billion range, according to ESPN.
“We look forward to entering this phase of the process with Glen Taylor,” Rodriguez and Lore said in a joint statement. “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 agreement does include the Lynx, according to team spokesperson.
— Chris Hine (@ChristopherHine) April 10, 2021
And @ShamsCharania sources saying that the plan is to keep the Wolves in Minnesota as well.
— Jon Krawczynski (@JonKrawczynski) April 10, 2021
News of the deal comes about a year after A-Rod and Jennifer Lopez made an unsuccessful attempt to buy the New York Mets. The team was ultimately sold to Steve Cohen for $2.4 billion.