Former major league player Alex Rodriguez and billionaire Marc Lore are finalizing a deal to buy the Minnesota Timberwolves from majority owner Glen Taylor, sources told ESPN.
As Adrian Wojnarowski reported on his Twitter account, @wojespn, Taylor will continue to have full control of the team for two years before Rodriguez and Lore take over in 2023.
Former Major Leaguer Alex Rodriguez and billionaire Marc Lore are finalizing a deal to buy the Minnesota Timberwolves from majority owner Glen Taylor, sources told ESPN. Taylor will continue to fully control the team for two years before Rodriguez and Lore take over in 2023.
– Adrian Wojnarowski (@wojespn) April 10, 2021
“We look forward to entering this phase of the process with Glen Taylor. Our respect for him and the legacy he has built lay an incredible foundation for what is to come. We are excited about the prospect of getting to know the organization, at the talented team and their amazing fans, ”Ardo and Lore jointly stated.
The purchase price in the deal is expected to be in the $ 1.5 billion range, according to ESPN sources.
When Taylor bought the franchise in 1995, the price was $ 88 million.