Alex Rodriguez, billionaire Marc Lore finalize Timberwolves purchase: report
The reported deal is worth more than $1 billion and also includes the WNBA's Minnesota Lynx
Alex Rodriguez and billionaire entrepreneur Marc Lore reportedly finalized a deal to buy the Minnesota Timberwolves on Thursday.
The former New York Yankees star and the former president and CEO of Walmart U.S. eCommerce had been in agreement with current owner Glen Taylor in April to buy the team. The two sides signed a letter of intent, which opened a 30-day window for negotiations to be finalized.
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The window expired earlier this week, which opened up other potential buyers to potentially swoop in from underneath Rodriguez and Lore to buy the team. Former NBA guard Aaron Afflalo was among those who were reportedly interested in purchasing the Timberwolves before Thursday.
Front Office Sports reported the deal is expected to be around $1.5 billion and also include the WNBA’s Minnesota Lynx. The deal would have to be approved by NBA owners before it became official. The Timberwolves and the NBA have not commented on the report just yet.
Taylor has owned the team since 1994. He bought it for $88 million just as the organization was set to find a new home in New Orleans. He said in April the pair traveled to meet him and his wife at their Florida home and found he was comfortable with Rodriguez and Lore.
"I was concerned if I got ill or something happened to me what would happen to the club. This gives me a path that I know it’s going to happen. I feel confident that they’ll take care of the franchise and move it ahead," the 80-year-old told the Associated Press in April.
Rodriguez retired from MLB after the 2016 season. He has since started A-Rod Corp., which has worked in many business ventures in the Miami area. He and his ex-fiance Jennifer Lopez had been trying to purchase the New York Mets before billionaire Steve Cohen came in.
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Lore was Walmart’s e-commerce chief from 2016 until the end of this past January. He will still serve as a strategic adviser through September.
The Associated Press contributed to this report.