Three-time American League MVP Alex Rodriguez and businessman Marc Lore have signed a letter of intent to negotiate with Minnesota Timberwolves owner Glen Taylor to purchase the NBA franchise, a person with knowledge of the situation told USA TODAY Sports.
With Rodriguez and Lore intent on buying the team, negotiations have moved quickly, and both sides are progressing toward a deal that would also include the WNBA’s Minnesota Lynx. Taylor is adamant that new buyers keep the teams in Minneapolis.
If the sale goes through, the change wouldn’t happen overnight. Taylor would still be the controlling owner until 2023, under terms of the sale, with Rodriguez and Lore, who most recently led Walmart’s eCommerce Business, coming on as limited partners before taking controlling ownership in about two years. ESPN reported the sale was for $1.5 billion.
Taylor purchased the Timberwolves in 1994 for nearly $90 million and has explored selling the team multiple times in recent years only to decide he still wanted to own the team or he couldn’t find the right buyer. Taylor, 79, reopened his interest in selling the team before the start of 2020-21 season.