New York Yankees legend Alex Rodriguez is in the process of making some serious money moves.
According to reports from CBS Sports, A-Rod and entrepreneur Marc Lore are currently finalizing a deal to purchase NBA team the Minnesota Timberwolves from their current owner, Glen Taylor.
Taylor purchased the franchise back in 1994 for a smooth $88 million, and now, he’s ready to sell it for an absolutely insane profit. Rodriguez and Lore reportedly signed a letter of intent on Saturday, which gives them a 30-day window to close the deal, expected to cost them approximately $1.5 billion.
A-Rod and Lore confirmed the negotiation phase in a joint statement this week.
“We look forward to entering this phase of the process with Glen Taylor,” the pair wrote. “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.”
Rodriguez and Lore will reportedly be minority owners with an even stake in the Timberwolves until 2023 when the duo will assume full control of the team.
It seems this deal will keep the team in Minnesota, something Glen Taylor revealed was a deal-breaker just last year. He expressed his willingness to sell the team in July 2020, telling The Athletic he refused to sell to anyone who planned to take the Timberwolves out of Minnesota.
Previously Rodriguez had expressed interest in purchasing the New York Mets but lost the deal to billionaire Steve Cohen.
Early this year, Taylor told the ‘Pioneer Press’ in St. Paul, Minnesota, that a search for a new owner wasn’t going that well.
“I haven’t found anything that for sure says I should move ahead,” Taylor told the newspaper. “The other question: Is now a good time to sell when you don’t have fans? And it’s not a good time.”