Report: A-Rod, Marc Lore agree to buy Timberwolves
Former shortstop and third baseman for the New York Yankees Alex Rodriguez "A-Rod" visits "Mornings With Maria" at Fox Business Network Studios on August 08, 2019 in New York City. (John Lamparski / Getty Images)
MINNEAPOLIS (FOX 9) - Just days after their exclusive negotiating window expired, former Major League Baseball star Alex Rodriguez and Walmart CEO Marc Lore appear to have an agreement to purchase the Minnesota Timberwolves from current owner Glen Taylor.
According to a report from Front Office Sports, the agreement includes the Minnesota Lynx and is expected to be around $1.5 billion. The NBA’s owners have to agree on the deal before it is finalized.
The 30-day negotiating window began April 10. It expired Monday without a deal.
Taylor bought the Timberwolves for about $50 million back in 1994, and reportedly wants to sell the franchise for about $1.5 billion. 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.
Rodriguez and Lore were in the Twin Cities last month and visited Mayo Clinic Square, meeting with both the Timberwolves and Lynx front office staff and players. The two were set to attend a Wolves game, which was postponed after Daunte Wright was fatally shot by police in Brooklyn Center.
Rodriguez was spotted at a recent Wolves game. Before Thursday’s report, other potential owners expressed interest. One of those was former NBA player Aaron Aflallo, who is leading an ownership group that has pursued at attempt to buy the Timberwolves for several months. According to ESPN's Marc Stein, Aflallo is expected to make another push at the franchise.
The Timberwolves have made one playoff appearance since Kevin Garnett led the team to the Western Conference Finals in 2004. The Wolves are currently 13th in the Western Conference at 21-47, but appear to be building future success around Karl-Anthony Towns, D’Angelo Russell, potential NBA Rookie of the Year Anthony Edwards and possibly Malik Beasley, who was in the middle of his best season before a 12-game suspension that was followed by a hamstring injury.
The Wolves have three games left. The Wolves also need to finish in the top three of the NBA Draft Lottery, otherwise that first round pick goes to the Golden State Warriors in the trade that sent Andrew Wiggins to the Warriors, and brought Russell to Minnesota.