The former MLB star, Alex Rodriguez, is highly likely to become the owner of NBA’s Minnesota Timberwolves. Other than that, Rodriguez is also going to purchase the Minnesota Lynx of the WNBA with former Walmart CEO Marc Lore. The two have reportedly signed a letter of intent and are in talks with Glen Taylor to buy the NBA team.
According to the reports, Rodriguez and Marc Lore have a 30-day negotiating window. Till then, the teams will be under the control of Glen Taylor, who has reportedly been looking to sell the franchises since 2020. Certainly, the new owners will take over the teams in 2.5 years if the deal is finalized.
How much does the deal cost?
ESPN revealed via tweet, “The purchase price in the deal is expected to be in the $1.5 billion range, sources tell ESPN.” Moreover, Alex Rodriguez and Marc Lore gave a joint statement saying, “We look forward to entering this phase of the process with Glen Taylor. Our respect for him and the legacy he has built lays an amazing foundation for what is to come. We are excited by the prospect of getting to know the Timberwolves organization.”
Before this, Rodriguez had attempted to make a bid for New York Mets with Jennifer Lopez. However, he didn’t get the team, which hedge fund billionaire Steve Cohen acquired. Moreover, Rodriguez’s current partner Marc Lore was also after the same deal and many other bidders.
What did Chris Finch say?
Chris Finch, the coach of the Minnesota Timberwolves, has shown his excitement over the deal. Being a baseball fan himself, Finch seemed thrilled to have about Rodriguez on board. Finch said, “We’re excited to welcome in new owners to what’s looking like a dynamic ownership group over the next couple of years. That doesn’t change our mission. Our mission is to try still to build a winning team here, and that’s a day-by-day procedure.”
He added, “I’m sure he understands sports at a very high level. Certainly will bring some sex appeal to the organization, the city, to the team, and we’ve got, again, I think the more skill sets and personality types you can bring to any leadership group, the more it’s going to be reflected in the overall mission.”