ESPN and Fox analyst — and former MLB star — Alex Rodriguez and billionaire Marc Lore “have signed a letter of intent and are negotiating with Glen Taylor to become the next owners of the Minnesota Timberwolves,” according to Jon Krawczynski of The Athletic. They have a 30-day negotiating window to try to get a deal done. And if a deal is reached, Rodriguez and Lore would be limited partners for two and a half years, before taking full control of the Timberwolves in 2023.
ESPN’s Adrian Wojnarowski also reported the news, saying that Rodriguez and Lore are “finalizing a deal” to purchase the Timberwolves, and that it’s expected to be a deal in the “$1.5 billion range.”
3-time MLB MVP Alex Rodriguez and close friend Marc Lore have signed a letter of intent and are negotiating with Glen Taylor to become the next owners of the Minnesota Timberwolves, sources tell @TheAthletic
— Jon Krawczynski (@JonKrawczynski) April 10, 2021
A-Rod and Lore have a 30-day exclusive negotiating window with Taylor. If a deal is finalized, they would serve as limited partners for 2 ½ years before taking control of the Wolves, sources tell @TheAthleticMIN
— Jon Krawczynski (@JonKrawczynski) April 10, 2021
Former Major Leaguer Alex Rodriguez and billionaire Marc Lore are finalizing a deal to purchase the Minnesota Timberwolves from majority owner Glen Taylor, sources tell ESPN. Taylor will continue full control of team for two years before Rodriguez and Lore take over in 2023.
— Adrian Wojnarowski (@wojespn) April 10, 2021
The purchase price in the deal is expected to be in the $1.5 billion range, sources tell ESPN. https://t.co/40Nq1iOTqd
— Adrian Wojnarowski (@wojespn) April 10, 2021
Rodriguez and Lore have already released a statement:
Alex Rodriguez and partner Marc Lore are nearing minority stakes with the Minnesota Timberwolves, with plan to take control of the franchise in two years under mentorship of Glen Taylor. Statement from A-Rod and Lore: pic.twitter.com/nFDIhil5ra
— Shams Charania (@ShamsCharania) April 10, 2021
“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, the talented team, and their incredible fans.”
So, this is clearly a very serious effort in place by Rodriguez and Lore, after Rodriguez failed with his bid to own the New York Mets. But it’s interesting to see Rodriguez looking to go the NBA ownership route.
The Timberwolves are currently an NBA-worst 13-40 (.245 winning percentage), and they have just one playoff appearance since 2004 (a pretty embarrassing factoid when you consider that over half of the league makes the playoffs). A Rodriguez/Lore ownership could re-energize a fan base that definitely needs reason for optimism.
