Former New York Yankees third baseman Alex Rodriguez and tech entrepreneur Marc Lore are in agreement to purchase the NBA’s Minnesota Timberwolves from Glen Taylor for $1.5 billion, Shams Charania reported for The Athletic. The deal includes the WNBA’s Minnesota Lynx, which tip off their 2021 season this weekend.
Rodriguez and Lore are expected to sign formal paperwork “shortly,” Charania reported. They will each reportedly own 50 percent. Lore stepped down from his position running Walmart in January and previously worked as an entrepreneur who co-founded businesses that included Jet.com and Diapers.com.
Rodriguez, Lore closed in on deal in April
Rodriguez’s ownership group secured exclusive negotiating rights in April. The reported number at the time was $1.5 billion.
The 30-day window on those exclusive rights expired earlier this week, but the sides continued talking. There was no guarantee the deal would be completed, especially since Taylor had engaged in talks with other potential buyers in the past.
The biggest hurdle was reportedly when the group would take ownership of the team. The reports in April were that the transfer wouldn’t happen for another 2 1/2 years. There were also reports that language in the deal would prevent the new ownership group from moving the team out of Minnesota.
It was reported last summer that Taylor was looking to sell the teams after nearly three decades as majority owner.
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