Three-time MLB MVP Alex Rodriguez and e-commerce mogul Marc Lore have signed a letter of intent with Glen Taylor and are negotiating to succeed him as owners of the Minnesota Timberwolves, sources said. The athletic
Rodriguez and Lore signed the documents on Saturday and now have an exclusive 30-day negotiation period to attempt to finalize a deal with Taylor. When completed, it would infuse the Timberwolves with some megawatt star power. It would also give Taylor the partners he has long sought to take the franchise into the future as he prepares to step outside of the team he’s owned for 27 years. The succession plan under discussion, sources said, would call on Rodriguez and Lore – two close friends who are 50-50 partners in the agreement – to join Taylor’s ownership group as limited partners for two and a half years, after which Taylor step aside and give the reins to the new majority partners.
For a team that is languishing with the worst record in the NBA, having one playoff appearance since 2004, and seeing fan apathy, a new ownership structure featuring Rodriguez and Lore in prominent roles would generate some much-needed energy. endures another difficult season on the track. It would also bring a dynamic, diverse flavor to the league’s property stable, adding a touch of glamor to a franchise that has rarely been in the spotlight.
While the signed letter of intent does not guarantee a deal will be finalized, it does put Rodriguez and Lore at the helm. The two parties have already agreed on some of the key elements of a potential transaction, including a $ 1.5 billion valuation for the franchise, sources said. Now they will spend the next month going through the intricacies of the negotiation. If a purchase agreement is reached, Lore and Rodriguez must be approved by the NBA Board of Directors before officially joining the organization.
The two friends met face-to-face this week with Taylor and his wife, Becky, at the couple’s home in Naples, Florida, in a process that quickly shifted from introductions to closing deals.
In so many ways, this arrangement would give Taylor what he wanted and the organization what it needs.
Taylor has had the team on the market several times over the years, but never brought himself to pull the trigger to part with a franchise he bought in 1994 for $ 88 million. He has long made it a priority to find a group dedicated to keeping the team in Minnesota. Another preference of his was to attract new partners in a limited role for the short term so that he could serve as a kind of mentor and make the transition as smooth as possible. Taylor is very proud of his experience on top of the Timberwolves and the relationships he has built over the years in the league, including with other owners and Commissioner Adam Silver. His continued presence would help Lore and Rodriguez get used to a new competition and venture in the early stages.
Undoubtedly, this is an emotional moment for Taylor, who loves being the owner of the Timberwolves. He saved the team from moving to New Orleans in 1994 when he came out of nowhere to buy the team from ailing owners Harvey Ratner and Marv Wolfenson and sees the team as a public trust, sort of a gift from him. the basketball community. loving people in the Twin Cities and beyond. He wants that gift to stand the test of time long after it is gone.
As he approaches his 80th birthday on April 20, Taylor is looking for a definitive path to the franchise he cares about so much. No one in his family has plans to take over the team, so he was looking for a young successor or successors who he believes can take care of the team and those involved.
“I just think as time goes by, I’m more inclined to say I probably need to get my house in order here,” Taylor said. The athletic in July.
Taylor has always valued personal connections in his business dealings, and this is no different. Lore and Rodriguez share a close bond and want to continue the family atmosphere that Taylor has always appreciated, and the intimate conversations shared this week helped the Taylors feel comfortable continuing this process.
In Rodriguez and Lore, Taylor has found two ambitious entrepreneurs with grand visions of the franchise. The Wolves are 13-40 this season, fired coach Ryan Saunders in February and took their humps for the awkward move to Chris Finch. They will lose their first round pick in the upcoming draw if they don’t finish in the top three in the lottery and fans have turned away from the team for sunk in the standings.
There are also some things to be encouraged. No. 1 pick Anthony Edwards has grown strong as the season has progressed. Jaden McDaniels looks like a bargain at the 28th Pick. Karl-Anthony Towns and D’Angelo Russell are finally healthy at the same time and Finch has shown promise in his first NBA head coach job.
Now the Timberwolves may be about to add a few new voices and perspectives to the ownership group with big plans for the future.
New York-born Rodriguez was a star for the Seattle Mariners, Texas Rangers and New York Yankees. He retired in 2016 and has developed over the past five years as a versatile entrepreneur and media star. He is considered one of the most insightful and natural baseball analysts in the game in his work for ESPN, was a recurring guest judge on ABC’s “Shark Tank” and has a growing list of successful investments in businesses from fitness centers to coconut water. and e-sports. Two of his biggest investments to date have been in Fanatics and the goPuff digital delivery service. He is also a co-founder, partner and board member of J-Lo Beauty, which launched along with his fiancé Jennifer Lopez in January.
Rodriguez’s experience as a superstar player would give him instant credibility with players and coaches, and his relationship with Lopez would give global recognition to a franchise that could make use of it.
49-year-old Lore began building his empire with Quidsi, a company that mainly identified with Diapers.com, which sold to Amazon for $ 545 million in 2011. He founded Jet.com, an e-commerce website, in 2014. was acquired by Walmart in 2016 for $ 3.3 billion. Lore was previously CEO of Walmart US eCommerce, where he led a massive expansion of the retail giant’s online business that helped move into the second online retailer behind Amazon.
Known for his innovative and gluttonous entrepreneurial spirit, Lore recently set out a vision to build “a city of the future” with a new economic structure in an interview with CNBCSince leaving Walmart, Lore has his hands on helping develop and advise even more businesses.
Lore and Taylor were both track athletes in their early days, and now Taylor is seriously considering handing over the baton to one of his most prized possessions.
Rodriguez and Lore have been business partners for years. Through their halo company, VCP, they recently acquired Archer Aviation, a company that designs and builds all-electric aircraft that can take off and land vertically.
But more than business partners, Lore and A-Rod consider themselves the best of friends. They tried to buy the New York Mets, which were eventually sold to Steve Cohen last year. In a January interview with the Wall Street Journal, Lore made his intentions clear.
“I’m probably going to buy a sports team,” said Lore.
Just four months later, Lore and Rodriguez appear to be on the doorstep, but there is still a lot of work to be done. Taylor has signed exclusivity deals with other groups in the past, including last summer. Every time, Taylor eventually decided he wasn’t ready to sell the team.
Several other groups have also briefed and spoken to Taylor about the team’s purchase over the past six months, but negotiations were complicated by the pandemic, causing franchise revenues to plummet as arenas were largely closed to fans for a year.
Some would say Taylor has been indecisive, and several groups came back from negotiations with him believing he never really wanted to sell. Taylor would say he’s just selective and takes the time to find the right partners to take over the team he cares about so much.
In Lore and Rodriguez, he now finds himself negotiating with a young, dynamic group with a strong background in sports, business and entertainment and the brand awareness that could cast the gaze on a team so often overlooked.
(Photo: John Lamparski / Getty Images)