Former Baseball Star Alex Rodriguez, aka A-Rod, and billionaire Marc Lore are finalizing a deal to become sports owners and buy out the Minnesota Timberwolves (NBA team) and the Minnesota Lynx (WNBA team) from majority owner Glen Taylor.
The price is expected to be around $1.5 billion for both teams, according to CBS News. The current owner, Glen Taylor, is expected to still have full control over both teams for two more years, then Rodriguez and Lore will take over in 2023.
Since retiring from baseball, Rodriguez expressed that he would like to own a franchise, and just months before, he had come up short in his attempt to buy the New York Mets. Rodriguez and Lore have signed a letter of intent and have 30 days to negotiate a deal and the details. For this deal to be finalized, the National Basketball Association (NBA) and its 29 other team owners must sign off on the purchase.
If Alex Rodriguez can finalize the deal and become the owner, he will join Patrick Mahomes, Michael Jordan, LeBron James, and Magic Johnson as athletes of color who own a sports team.
Lore and Rodriguez put out a statement, “We look forward to entering this phase of the process with Glen Taylor. Our respect for him and the legacy he 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.”
No other details of the potential deal have been released, but according to CBS News, Lore and Rodriguez have also agreed not to relocate the team once they become owners.