Former MLB superstar Alex Rodriguez and tech entrepreneur Marc Lore have agreed to terms to buy the Minnesota Timberwolves.
The negotiations between the two parties appeared to be paused. Other bidders were getting ready to place their offer before Rodriguez, and his partner took the lead and sealed the deal.
Shams Charania of The Athletic reports that they’re purchasing the team from Glen Taylor for $1.5 billion.
Former MLB star Alex Rodriguez and tech entrepreneur Marc Lore have reached agreement to purchase the Minnesota Timberwolves from Glen Taylor for $1.5 billion, sources tell @TheAthletic @Stadium.
— Shams Charania (@ShamsCharania) May 13, 2021
Rodriguez and Lore are expected to sign formal paperwork shortly, and sources say A-Rod and Lore are equal, 50-50 partners in the purchase. https://t.co/9u5GqadCLH
— Shams Charania (@ShamsCharania) May 13, 2021
Rodriguez and Lore will be equal partners, sharing 50-50 of the stakes. The Timberwolves are a young team with a future star in Anthony Edwards, two established players in Karl-Anthony Towns and D’Angelo Russell and a bright future ahead of them.
Reports have suggested the new owners could relocate the team but that’s still unclear at this moment.
