WASHINGTON, DC - JANUARY 20: Former New York Yankee Alex Rodriguez arrives at the inauguration of U.S. President-elect Joe Biden on the West Front of the U.S. Capitol on January 20, 2021 in Washington, DC. During today's inauguration ceremony Joe Biden becomes the 46th president of the United States. (Photo by Win McNamee/Getty Images)
Alex Rodriguez is making big moves as a business owner. Rodriguez and business partner Marc Lore have reached an agreement with Minnesota Timberwolves owner Glen Taylor to buy the team.
The former baseball star and Lore will become the new owners of the Timberwolves and the WNBA’s Lynx for $1.5 billion. The deal is expected to close around July.
“Glen Taylor has reached an agreement with Marc Lore & Alex Rodriguez regarding the sale and future ownership of the Wolves & Lynx,” the Timberwolves said in a statement Friday. “The transaction will close following league approval beginning the transition of ownership and a new chapter.”
Rodriguez and Lore are going to split ownership 50-50. The two business partners attempted to buy the New York Mets but were beaten by Steve Cohen. The deal includes Minnesota’s g-league team and E-sports team as well.
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Last month, Taylor announced his intention to sell the team to the former Yankees star. Part of the deal was that Talyor will continue to run the team before handing it off in 2023. “They’ve asked that I would be there for any decisions that would need to be made. I would enjoy that. I love teaching people,” Taylor said in an interview last month. “These are a couple of very bright guys, and I think it could be helpful to the club and I think I could be helpful to them so that they feel confident once they take over 100%.”
Before the deal could go through, the NBA Board of Governors will have to approve the sale of the team. If the deal gets approved, Minnesota will be the second team to be sold this season. Gail Miller and her family reached an agreement in October to sell the Utah Jazz to Ryan Smith. The league’s board of governors approved the sale in December.
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