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.

A-Rod and Lore have a 30-day exclusive negotiating window with Taylor. If a deal is finalized, they would serve as limited partners for 2 ½ years before taking control of the Wolves, sources tell @TheAthleticMIN

— Jon Krawczynski (@JonKrawczynski) April 10, 2021

Statement from ARod and Lore: “We look forward to entering this phase of the process with Glen Taylor. 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.. https://t.co/40Nq1iOTqd

— Adrian Wojnarowski (@wojespn) April 10, 2021