Deal reached to sell Timberwolves, Lynx to Marc Lore, A-Rod
Former baseball player Alex Rodriguez looks on before Super Bowl LIV at Hard Rock Stadium on February 02, 2020 in Miami, Florida. (Photo by Maddie Meyer/Getty Images) ((Photo by Maddie Meyer/Getty Images) / Getty Images)
MINNEAPOLIS (FOX 9) - A deal has been reached for new ownership for the Minnesota Timberwolves and Lynx, the organization confirmed Friday.
Reports broke on Thursday that current owner Glen Taylor had agreed to sell the team for $1.5 billion to Walmart CEO Marc Lore and former MLB star Alex Rodriguez.
The team released the following joint statement:
"Glen Taylor has reached an agreement with Marc Lore and Alex Rodriguez regarding the sale and future ownership of the Timberwolves and Lynx. The transaction will close following league approval, beginning the transition of ownership and a new chapter of Minnesota Timberwolves and Lynx basketball."
Taylor bought the Timberwolves for about $50 million back in 1994. One of Taylor’s top priorities in the sale of the Timberwolves is keeping the franchise in Minnesota.
The Timberwolves have a lease to call Target Center their home arena through 2035.