Three-time American League MVP Alex Rodriguez and businessman Marc Lore have signed a letter of intent to negotiate with Minnesota Timberwolves owner Glen Taylor to purchase the NBA franchise, a person with knowledge of the situation told USA TODAY Sports.
The person requested anonymity because they were not authorized to speak publicly about the potential sale of the Timberwolves.
Rodriguez and Lore signed the letter of intent on Saturday and have an exclusive 30-day window to reach an agreement with Taylor.
If a deal is reached, Rodriguez and Lore would be limited partners with Taylor for two-plus years and then Taylor would turn full control of the team over to Rodriguez and Lore as they purchase a controlling stake in the franchise.
Taylor purchased the Timberwolves in 1994 for nearly $90 million and has explored selling the team multiple in recent years only to decide he still wanted to own the team or he couldn’t find the right buyer. Taylor, 79, reopened his interest in selling the team before the start of 2020-21 season.
In the recent ‘Forbes’ valuations of NBA teams, the financial news outlet estimated the Timberwolves are worth $1.4 billion, 28th among the 30 teams.
Rodriguez, who earned more than $400 million as a player and more as an investor, had interest in buying the New York Mets, but lost out to billionaire Steve Cohen. Lore was one of Rodriguez’s partner in that effort, too. Lore made his fortune in e-commerce with Diapers.com, Jet.com and Walmart.
Early this year, Taylor told the ‘Pioneer Press’ in St. Paul, Minnesota, that a search for new owner wasn’t going that well.
“I haven’t found anything that for sure says I should move ahead,” Taylor told the newspaper. “The other question: Is now a good time to sell when you don’t have fans? And it’s not a good time.”
Rodriguez and Lore stepped up and perhaps Taylor has found the right buyers.
Taylor has long expressed an interest in selling the team to a person or group that would allow him to exit as the controlling owner over the course of a few seasons.
In 2012, he said a new partner would own 25% of the team and then gradually buy more than 50% of the team.