Multiple reports say billionaire businessman Glen Taylor has reached an agreement to sell the Minnesota Timberwolves and Lynx to Alex Rodriguez and Mark Lore.
According to The Athletic’s Shams Charania, the sale price is for approximately $1.5 billion. Front Office Sports was the first to report that an agreement was in place, adding that the expected sale price was “about $1.5 billion.”
Former MLB star Alex Rodriguez and tech entrepreneur Marc Lore have reached agreement to purchase the Minnesota Timberwolves from Glen Taylor for $1.5 billion, sources tell @TheAthletic @Stadium.
— Shams Charania (@ShamsCharania) May 13, 2021
Rodriguez is a former MLB All-Star who now owns numerous companies through his A-Rod Corp. holding company. Lore is a tech entrepreneur and the former e-commerce chief of Walmart.
Rodriguez and Lore were first reported to be finalizing a deal for the Timberwolves and Lynx in early April, when The Athletic’s Jon Krawczynski reported that Taylor would continue controlling the franchises for two years before Rodriguez and Lore take over in 2023.
It’s unclear if that piece of the deal is still in place.
Krawcyznski also originally reported that Taylor had orchestrated the deal to ensure the Timberwolves don’t relocate. That, too, is unconfirmed.
More to come.
Both sides never slowed down on negotiations even after the exclusivity expired. Taylor, Rodriguez and Lore hit it off from the start and that carried through to the end of these negotiations.
— Jon Krawczynski (@JonKrawczynski) May 13, 2021
