Former Major League Baseball player Alex Rodriguez and billionaire Marc Lore finalizes a deal to buy the Minnesota Timberwolves from majority shareholder Glen Taylor, sources told ESPN.
As reported by Adrian Wojnarowski on his Twitter account, @wojespn, Taylor will retain full control of the team for two years before Rodríguez and Lore take over in 2023.
Former Major Leaguer Alex Rodriguez and billionaire Marc Lore finalize a deal to buy the Minnesota Timberwolves from majority shareholder Glen Taylor, sources tell ESPN. Taylor will remain in full control of the team for two years before Rodriguez and Lore take over in 2023.
– Adrian Wojnarowski (@wojespn) April 10, 2021
“We look forward to entering this phase of the process with Glen Taylor. Our respect for him and the legacy he has built provide an incredible foundation for what is to come. We are delighted at the prospect of meeting the organization, the talented team and their incredible fans, ”said ARdo and Lore.
The purchase price in the deal is expected to be on the order of $ 1.5 billion, according to ESPN sources.
When Taylor bought the franchise in 1995, the price was $ 88 million.