Alex Rodriguez is closing in on finally owning a pro sports team.
The former Yankees star and his partner, Jennifer Lopez, lost out on acquiring Mets to Steve Cohen, reports the New York Post. Now, however, A-Rod and his close friend Marc Lore are finalizing a deal to become the new owners of the NBA’s Minnesota Timberwolves and the WNBA’s Minnesota Lynx from current owner Glen Taylor, who announced details of the deal Saturday.
Rodriguez and Lore, an e-commerce mogul, have a 30-day window to get the deal done after signing a letter of intent with Taylor on Saturday, according to reports. Rodriguez and Lore would be 50-50 partners, but would be limited partners until 2023 so Taylor, who has owned the Timberwolves for 27 years, can bow out.
The purchase price is expected to be in the $1.5 billion range, according to ESPN.
“We look forward to entering this phase of the process with Glen Taylor,” Rodriguez and Lore said in a joint statement. “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.”
