Alex Rodriguez, Ownership Group Complete Purchase of Timberwolves
Former MLB great Alex Rodriguez is one step closer to becoming a part owner of an NBA Team.
The finishing touches of the sale came together on Thursday as Glenn Taylor reached a verbal agreement on a $1.5 billion sale to Rodriguez and e-commerce mogul Marc Lore. NBA approval of the deal is still pending.
The deal took longer than expected to reach this point as it was contingent on the team remaining in Minnesota. The team has a lease at the Target Center through 2035 with a $50 million buyout attached to it. After a failed attempt at purchasing the New York Mets, Lore and Rodriguez will become 50-50 partners upon approval of the purchase.
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“They’ve asked that I would be there for any decisions that would need to be made. I would enjoy that. I love teaching people,” Taylor said an interview last month. “These are a couple of very bright guys, and I think it could be helpful to the club and I think I could be helpful to them so that they feel confident once they take over 100%.”
This is the second big purchase of an NBA franchise in recent months as ownership of the Utah Jazz changed hands back in December.
Lore and Rodriguez met with team personnel back in April and toured the Timberwolves facility.