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Alex Rodriguez finalizing deal to buy Minnesota Timberwolves

Alex Rodriguez and e-commerce billionaire Marc Lore have signed a letter of intent to purchase the NBA’s Timberwolves and WNBA’s Lynx from majority owner Glen Taylor.Details: The price is expected to be in the $1.5 billion range, per ESPN. Taylor will maintain full control of both teams for two more years, before Rodriguez and Lore take over in 2023.Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for freeTaylor, already the second-richest person in Minnesota, stands to get even richer. He bought the team in 1995 for $88 million.Rodriguez, 45, and Lore, 49, were part of a group that tried to buy the Mets before the team was sold to Steve Cohen for $2.4 billion.What they’re getting: The Timberwolves have the worst win percentage (.393) of any major American sports franchise. Data: Sportico; Table: Axios VisualsThe big picture: The T-Wolves would be the fourth NBA team to be sold in the last four years, joining the Jazz in 2020 ($1.66 billion), the Nets in 2019 ($2.35 billion) and the Rockets in 2017 ($2.2 billion).NBA franchise valuations grew 476% during the 2010s, dwarfing MLB (262%), the NHL (192%) and the NFL (179%).In related news … Arctos Sports Partners is buying a minority stake in the Warriors — the first private equity investment in an NBA team since the league loosened its rules to allow institutional investors.Like this article? Get more from Axios and subscribe to Axios Markets for free.