Former MLB star Alex Rodriguez is preparing to make big moves in the sports business.
According to ESPN sources, Rodriguez and billionaire Marc Lore finalize a deal to acquire both the Minnesota Timberwolves and Minnesota Lynx from majority owner Glen Taylor. The purchasing price is said to be in the $1.5 billion range.
“We look forward to entering this phase of the process with Glen Taylor,” Rodriguez and Lore said in a joint statement on Saturday. “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.”
Jon Krawczynski of The Athletic first reported the news, explaining the dynamics of Rodriguez and Lore coming together.
The Devil is in the Details
The two signed a letter of intent on Saturday and now have a 30-day window to negotiate and finalize a deal. With everything expected to go through, Rodriguez and Lore would be fulfilling Taylor’s goals of keeping the Timberwolves in Minnesota. The 50-50 business partners will join Taylor’s ownership group as limited partners. For two and a half years, Taylor would then step aside and give the majority control to Rodriguez and Lore.
Long Journey to Get Here
Taylor has been searching for a buyer since July 2020. He purchased the Timberwolves back in 1994 for $88 million after the team nearly moved to New Orleans. Though he’s profited from the acquisition, his tenure as an NBA owner has abysmal. The Wolves, sitting with the NBA’s worst record, have missed 16 of the last 17 playoffs, only advancing past the first round once.
With Rodriguez and Lore coming into the picture, it’ll bring a shot of much-needed energy to the franchise and fanbase. It will also make the duo the first minority owners in the NBA.