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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.”