Three-time MLB MVP Alex Rodriguez and e-commerce billionaire Marc Lore are negotiating a deal to purchase the Timberwolves from majority owner Glen Taylor, according to The Athletic’s Jon Krawczynski.
Rodriguez and Lore signed a letter of intent on Saturday and now hold a 30-day window to try to finalize a deal with Taylor, per Krawczynski. If both sides are able to come to an agreement, Rodriguez and Lore would serve as limited partners for two-and-a-half years before taking control of the Timberwolves.
“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.”
Taylor has put the team on the market before but declined to relinquish control. One sticking point has been Tayor’s desire to keep the Timberwolves in Minnesota, but it seems Rodriguez and Lore are on board with that vision.
Glen Taylor tells @TheAthletic that the negotiations have all been conducted with the idea that Rodriguez and Lore will keep the team in Minnesota.
— Jon Krawczynski (@JonKrawczynski) April 10, 2021
The price of the franchise is expected to be around $1.5 billion, according to ESPN’s Adrian Wojnarowski. A purchase agreement would be subject to approval by the NBA’s board of governors.
Since Taylor purchased the team in 1994, Minnesota has failed to emerge as a consistent contender in the Western Conference, reaching the NBA playoffs just once in the past 16 seasons. However, the current team does have an exciting young core with players such as Karl-Anthony Towns and Anthony Edwards still developing under new coach Chris Finch.