ARod, Marc Lore reach possible agreement to purchase Timberwolves

Former baseball star Alex Rodriguez and e-commerce mogul Marc Lore signed a memorandum of understanding on Saturday to-purchase the Timberwolves and keep the NBA team in Minnesota, owner Glen Taylor has announced.

“We look forward to entering this phase of the process with Glen Taylor,” said a Rodriguez representative in a statement. “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, the talented team, and their incredible fans.”

According to reports, the pair have an exclusive 30-day window of negotiations and will take over the team in two-and-a-half years, once a deal comes through.

Earlier, The Athletic reported about the $1.5 billion sale.

Taylor allegedly considered a sale of the team last summer after almost three decades of majority ownership.

The Timberwolves started in the league as an expansion club in 1989, before Taylor, a lifelong Minnesotan who built fortunes from a small commercial print shop, bought the team for $88 million in 1994.

Lore told the Wall Street Journal earlier this year that Rodriguez hoped to buy a sports team and the Timberwolves was the most appealing option on the market.

 
Minnesota Timberwolves

 

The Minnesota Timberwolves are an American professional basketball team based in Minneapolis. (wikipedia)

 
 
Alex Rodriguez

 

Alexander Enmanuel Rodriguez , nicknamed “A-Rod,” is an American former professional baseball shortstop and third baseman, businessman and philanthropist. (wikipedia)

 
 
Marc Lore

 

Marc Eric Lore is an American entrepreneur, businessman, and investor. From 2016 to 2021, he was the President and CEO of Walmart U.S. eCommerce. (wikipedia)

 
 
Glen Taylor

 

Glen A. Taylor is an American billionaire businessman who is the majority owner of the Minnesota Timberwolves NBA basketball team, owner of the Minnesota Lynx WNBA basketball team, (wikipedia)

 
SW Creative

4.5

SW Creative

SportsWriters

Rate this writer

Rated

Clicks: 4580

Posts: 362

SportsWriters Creative is a team of content creators who work collaboratively to create and enhance recent sports news to create high quality content experiences.

Feedback