Former baseball star Alex Rodriguez and e-commerce mogul Marc Lore have signed a letter of intent to buy the Timberwolves and keep the NBA franchise in Minnesota
MINNEAPOLIS — Former baseball star Alex Rodriguez and e-commerce mogul Marc Lore signed a letter of intent Saturday to buy the Timberwolves and keep the NBA franchise in Minnesota, owner Glen Taylor said.
The agreement, which also includes the WNBA’s Minnesota Lynx, opens a 30-day window for negotiations to be finalized.
Under the conditions of the deal, Taylor would keep control of the club for the next two years and bring on Rodriguez and Lore as partners until a handover in 2023.
The Athletic first reported the sale, which would be worth $1.5 billion.
“There was no use talking to them if they didn’t agree to that,” the 79-year-old Taylor said.
Rodriguez and Lore are 50-50 partners in the deal, Taylor said. Rodriguez hit 696 home runs over 22 major league seasons, with the New York Yankees, Seattle Mariners and Texas Rangers. His last season on the field was 2016.
That’s the same year Lore became Walmart’s e-commerce chief, when the retail giant bought his Jet.com startup to boost online business. Lore notified Walmart on Jan. 31 of his intent to leave the company and will continue to serve in a consulting role as a strategic adviser through September.
More AP NBA coverage: https://apnews.com/hub/NBA and https://twitter.com/AP—Sports