Former MLB star joining bid to buy Timberwolves
Three-time American League MVP Alex Rodriguez and businessman Marc Lore have signed a letter of intent to negotiate with Minnesota Timberwolves owner Glen Taylor to purchase the NBA franchise, a person with knowledge of the situation told USA TODAY Sports.
The person requested anonymity because they were not authorized to speak publicly about the potential sale of the Timberwolves.
Rodriguez and Lore signed the letter of intent on Saturday and have an exclusive 30-day window to reach an agreement with Taylor.
With Rodriguez and Lore intent on buying the team, negotiations have moved quickly, and both sides are progressing toward a deal that would also include the WNBA’S Minnesota Lynx. Taylor is adamant that new buyers keep the teams in Minneapolis.
If a deal is reached, Rodriguez and Lore would be limited partners with Taylor for two-plus years and then Taylor would turn full control of the team over to Rodriguez and Lore as they purchase a controlling stake in the franchise.
Taylor purchased the Timberwolves in 1994 for nearly $90 million and has explored selling the team multiple times in recent years only to decide he still wanted to own the team or he couldn’t find the right buyer. Taylor, 79, reopened his interest in selling the team before the start of 2020-21 season.
In the recent ‘Forbes’ valuations of NBA teams, the financial news outlet estimated the Timberwolves are worth $1.4 billion, 28th among the 30 teams.
ESPN and The Athletic reported a potential purchase price of $1.5 billion.
Rodriguez, who earned more than $400 million as a player and more as an investor, had interest in buying the New York Mets, but lost out to billionaire Steve Cohen.
Lore was one of Rodriguez’s partner in that effort, too. Lore made his fortune in e-commerce with Diapers.com, Jet.com and Walmart.
Early this year, Taylor told the ‘Pioneer Press’ in St. Paul, Minnesota, that a search for new owner wasn’t going that well.