The ownership group that includes former MLB star Alex Rodriguez has reached an agreement to purchase the Minnesota Timberwolves and Minnesota Lynx for $1.5 billion, according to Shams Charania of The Athletic. Rodriguez is in the group with tech entrepreneur Marc Lore, and they are equal 50-50 partners in the purchase.
Rodriguez and Lore signed a letter of intent back in April which gave them exclusive negotiating rights for the next month. They were expected to finalize the deal with current owner Glen Taylor that will see them become minority owners first. It is expected the duo will take full control of the Timberwolves and Lynx in 2023.
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“We look forward to entering this phase of the process with Glen Taylor,” Rodriguez and Lore said in a joint statement in April. “Our respect for him and the legacy he 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.”
Taylor has been the owner of the Timberwolves since 1994 and the Lynx since 1999. When he bought the Wolves, spent $90 million, meaning he will get his money back and more from the sale. In July, former Timberwolves star Kevin Garnett was looking to buy the team with an ownership group.
“I’m part of one of the groups trying,” Garnett wrote on his Instagram story, with fingers crossed and folded hands prayer emojis. “Lawd please let my group get this.” Garnett then went to Twitter to explain his reason for being a potential owner of the Timberwolves.” 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 wrote. “I once again want to see Minneapolis as the diverse and loving community that I know it is. “No two people love the city more than myself and Glen Taylor and I look forward to trying to work with him to achieve my dream.”
Rodriguez becomes an owner of two pro teams on the heels of him breaking up with singer and actress Jennifer Lopez. The former couple was looking to purchase the New York Mets last year but lost the bid to Steve Cohen.
