Former Major League Major Alex Rodriguez and billionaire Marc Lore are finalizing a deal to buy the Minnesota Timberwolves from majority owner Glen Taylor, sources told ESPN’s Adrian Wojnarowski on Saturday.
The purchase price of the deal is expected to be in the range of $ 1.5 billion, sources said.
Taylor will continue to maintain full control of the team for two years before Rodriguez and Lore take over in 2023.
Rodriguez and Lore issued a joint official statement on the agreement that said, “We look forward to entering this phase of the process with Glen Taylor. Our respect for him and the legacy he has built being an incredible foundation for what is to come. We are excited from the perspective of knowing the Timberwolves organization “.
Taylor, 79, saved basketball in Minnesota and bought the team for $ 88 million in 1994 after he almost moved to New Orleans. He announced in July 2020 that the team was coming, saying at the time that keeping the Timberwolves in Minnesota was a priority.
ESPN’s Brian Windhorst contributed to this report.