Timberwolves and Lynx owner Glen Taylor reached an agreement to sell the NBA and WNBA teams to Alex Rodriguez and tech entrepreneur Marc Lore for $1.5 billion, according to reports. Shams Charania of The Athletic reported Rodriguez and Lore will be 50-50 partners.
Rodriguez, a former MLB star, and Lore, who was president and CEO of Walmart U.S. eCommerce from 2016 until February of this year, signed a letter of intent to purchase the Wolves and Lynx from Taylor in April. There was a 30-day exclusive negotiating window, but the deal took a few extra days.
Darren Wolfson of SKOR North and KSTP-TV gave us the latest Scoop on the sale on Thursday.
The initial agreement was for Rodriguez, 45, and Lore, who will turn 50 on Sunday, to be limited partners for two-and-a-half years before taking over control from Taylor. The deal will have to be approved by NBA owners before it is finalized.
Taylor, who turned 80 on April 20, purchased the Wolves in 1994 for a reported $88 million.