Alex Rodriguez is one giant step closer to becoming an NBA owner.
The former Yankees star and partner Marc Lore have reached an agreement to buy the Minnesota Timberwolves from Glen Taylor for $1.5 billion, according to multiple reports.
Rodriguez and Lore “are expected to sign formal paperwork shortly,” The Athletic’s Shams Charania tweeted, while citing sources saying that A-Rod and Lore will be “equal, 50-50 partners” in the transaction.
Rodriguez and former fiancée Jennifer Lopez attempted to purchase the Mets from the Wilpon family last year, but hedge fund manager Steve Cohen bought the team for $2.4 billion.
Taylor had announced an intention to sell the NBA franchise last month to Rodriguez and Lore, the former CEO of Walmart U.S. eCommerce. A-Rod and Lore are expected to begin as limited partners for two years before assuming full control of the franchise — and the Minnesota Lynx of the WNBA — for the 2023-24 NBA season.
ESPN had reported earlier this week that the group’s exclusive negotiating window to buy the Timberwolves had expired, although good-faith negotiations were continuing.
Taylor had entered into an exclusive window to sell the team to venture capitalist Daniel Straus last year, but those talks fell apart.
The deal will need the approval from NBA owners before becoming official.