Former New York Yankee and JLo fiance Alex Rodriguez signed a letter of intent to buy the Minnesota Timberwolves with e-commerce mogul Marc Lore.
The reported $1.5 billion deal would include the WNBA’s Minnesota Lynx and keep both franchises in Minnesota.
A 30-day window for negotiations was opened, and if both sides agree to the terms, the deal would then need to be finalized by the league.
Alex Rodriguez and billionaire Marc Lore are finalizing a deal to purchase the Minnesota Timberwolves from majority owner Glen Taylor, sources tell @wojespn.
Taylor will continue with full control of the team for two years before Rodriguez and Lore take over in 2023. pic.twitter.com/0aE4yGFKPB
— SportsCenter (@SportsCenter) April 10, 2021
One stickler throughout the process for Taylor was that the franchises not be moved.
“There was no use talking to them [buyers] if they didn’t agree to that,” Taylor said.
The Athletic’s Shams Charania reported earlier that Rodriguez and Lore would take control of the franchise after a two-year mentorship under Taylor.
Rodriguez and Lore released the following statement:
We look forward to entering this phase of the process with Glen Taylor. 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.
Speaking to the Associated Press, Taylor said, “They’ve asked that I would be there for any decisions that would need to be made.
“I would enjoy that. I love teaching people. These are a couple of very bright guys, and I think it could be helpful to the club, and I think I could be helpful to them so that they feel confident once they take over 100%.”
Taylor put the team up for sale last year, drawing interest from former Timberwolf Kevin Garnett.
The Hall of Famer tweeted his excitement at the chance of coming back to the team he started his career with.
“My passion for the Minnesota Timberwolves to be a championship team is well known but I have a deeper affection for the city of Minneapolis,” Garnett tweeted.
My passion for the Minnesota Timberwolves to be a championship team is
well known but I have a deeper affection for the city of Minneapolis. I
once again want to see Minneapolis as the diverse and loving community
that I know it is. (1/2)— Kevin Garnett (@KevinGarnett5KG) July 21, 2020
Garnett’s efforts failed, though Taylor said the one-time champion never actually made an offer.