Former league gossip Alex Rodriguez and billionaire Marc Lore have signed a deal to buy the Minnesota Timberwolves from majority owner Glen Taylor, sources told Adrian Wojnarowski, ESPN.
The purchase price in the agreement is expected to be within the range of $ 1.5 billion, sources said.
Taylor will hold full control of the team for another two years, before Rodriguez and Lore take over in 2023.
Rodriguez and Lore issued a joint official statement on the agreement, which reads: “We look forward to entering this phase of the process with Glen Taylor. Our respect for him and the legacy he has built is a wonderful one. “We are excited about the prospect of getting to know the Timberwolves.”
Taylor, 79, saved basketball in Minnesota and bought the team for $ 88 million in 1994 after nearly 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.