Former Major League slugger Alex Rodriguez and billionaire Marc Lore finalizes a deal to buy the Minnesota Timberwolves from majority shareholder Glen Taylor, sources told ESPN’s Adrian Wojnarowski on Saturday.
The purchase price in the deal is expected to be around $ 1.5 billion, sources said.
Taylor will retain full control of the team for two years before Rodriguez and Lore take over in 2023.
Rodriguez and Lore released a joint official statement on the deal: “We look forward to entering this phase of the process with Glen Taylor. Our respect for him and the legacy he has built lays a great foundation for what is to come. We are excited about the prospect of getting to know the Timberwolves organization. ”
Taylor, 79, saved basketball in Minnesota and bought the team for $ 88 million in 1994 after it almost moved to New Orleans. He announced that he would sell the team in July 2020, saying at the time that keeping the Timberwolves in Minnesota was a priority.
ESPN’s Brian Windhorst contributed to this report.