Alex Rodriguez Group Reaches Agreement to Buy Timberwolves for Reported $1.5B

Mike Chiari@@mikechiariFeatured Columnist IV

FILE - In this July 11, 2017, file photo, former Major League Baseball player Alex Rodriguez reports from the field during the MLB baseball All-Star Game in Miami. Rodriguez, among four groups of bidders for a possible purchase of the New York Mets, called for baseball players to accept the type of revenue-sharing system that is tied to a salary cap and sparked quick opposition from the union. (AP Photo/Lynne Sladky, File)
AP Photo/Lynne Sladky, File

Former MLB star Alex Rodriguez and tech entrepreneur Marc Lore have a deal in place to purchase the Minnesota Timberwolves from Glen Taylor.

Shams Charania @ShamsCharania

Official statement on Minnesota Timberwolves sale to Alex Rodriguez and Marc Lore: pic.twitter.com/cpoZPFHFFr

According to Shams Charania of The Athletic and Stadium, Taylor agreed to sell the Timberwolves to the ownership group led by Rodriguez and Lore for $1.5 billion.

Taylor announced on April 10 that Rodriguez and Lore had signed a letter of intent to buy the NBA franchise. It was also reported at the time that the sale was expected to include the WNBA's Minnesota Lynx.

Per Charania, Rodriguez and Lore will be equal partners in the purchase.

ESPN's Brian Windhorst reported Tuesday that the 30-day exclusive negotiating window between Taylor and the Rodriguez-led group had come and gone without an official deal.

Despite that, Windhorst noted that the two sides continued to negotiate in good faith and were potentially working on an extension of the window.

Windhorst also reported that Rodriguez and Lore wanted to buy the team in phases over the next two years, resulting in them taking full control from Taylor by the 2023-24 season. One aspect of the recent negotiations reportedly focused on Rodriguez and Lore desiring to take control by a certain date.

Taylor is a Springfield, Minnesota, native who purchased the Timberwolves in 1994 and prevented them from potentially relocating. He has put the franchise on the market multiple times in recent years but has made it clear he would not sell without a commitment from the buyers to keep the team in Minnesota.

The T-Wolves reached the playoffs in eight straight seasons from 1997-2004, and they made it all the way to the Western Conference Finals in 2004.

Since then, Minnesota has just one playoff appearance in 17 seasons, however.

The Timberwolves, who missed the playoffs again this season, will look to turn things around under Rodriguez and Lore with Karl-Anthony Towns, Anthony Edwards and D'Angelo Russell leading the way.

T-Wolves fans will undoubtedly be hopeful that Rodriguez can translate his baseball success to the NBA.

In 22 MLB seasons with the Seattle Mariners, Texas Rangers and New York Yankees, A-Rod was a 14-time All-Star, three-time American League MVP and one-time World Series champion, who recorded 3,115 hits and 696 home runs.