Former major league slugger Alex Rodriguez and billionaire Marc Lore are finalizing a deal to buy the Minnesota Timberwolves from majority owner Glen Taylor, ESPN’s Adrian Wojnarowski said on Saturday.
The purchase price is expected to be $ 1.5 billion, sources said.
Taylor will continue to have full control of the team for two years before Rodriguez and Lore take over in 2023.
Rodriguez and Lore issued a joint official statement regarding the transaction, which read: “We look forward to entering this phase of the Glen Taylor trial. Our respect for him and the legacy he has built lays an astonishing basis. for the following, they are delighted with the prospect of getting to know the Timberwolves organization. “
Taylor, 79, saved basketball in Minnesota by buying the team for $ 88 million in 1994 after moving to New Orleans. He announced in July 2020 that he was selling the team, saying at the time that keeping the Timberwolves in Minnesota was a priority.
ESPN’s Brian Windhorst contributed to this report.