in ,

ARod Close to Buying the Minnesota Timberwolves

Videos by OutKick

Former MLB star Alex Rodriguez and billionaire Marc Lore have entered an exclusive letter of intent to purchase the Timberwolves and Lynx from owner Glen Taylor, a team spokesperson confirmed Saturday, the StarTribune reports.

ESPN reported the sale was for $1.5 billion, and it includes the NBA team and the WNBA team that Taylor has owned for 27 years.

Taylor will remain the controlling owner until 2023, with the agreement allowing Rodriguez and Lore to come on board as limited partners before taking control in two years, the Star Tribune reports.

Taylor first put the teams up for sale last summer and it was unclear if the buyer would hope to keep the teams in Minnesota. Taylor told the StarTribune that Rodriguez and Lore intend to keep the teams where they are and it will be reflected in the deal.

“They will keep the team here, yes. We will put it in the agreement,” Taylor said, per the StarTribune. “At this point we have a letter of intent, but when we make up the contract we’ll put that in there. That’s no problem. That won’t be a problem.”

The article states Rodriguez and Lore may be at the Monday Timberwolves game.

“We look forward to entering this phase of the process with Glen Taylor,” Rodriguez and Lore said in a statement to ESPN. “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.”

Written by Meg Turner

Meg graduated from the University of Central Florida and writes and tweets about anything related to sports. She replies to comments she shouldn't reply to online and thinks the CFP Rankings are absolutely rigged. Follow her on Twitter at @Megnturner_ and Instagram at @Megnturner.

7 Comments

Leave a Reply
  1. So the Timberwolves and the WNBA Lynx are bundled in the deal.
    The Timberwolves are said to be valued at $1.5 billion for the sale.
    Would the price be $1.8 billion without the Lynx?
    Never have seen a list of WNBA franchise valuations.
    Wonder why.

Leave a Reply

to comment on this post. Not a VIP? Signup Here