A buyer’s group led by former MLB star Alex Rodriguez and billionaire Marc Lore are in talks to purchase the NBA‘s Minnesota Timberwolves. Per ESPN’s Adrian Wojnarowski, the sale is expected to go at about $1.5 billion. Should the deal go through, Glen Taylor is to retain leadership until 2023. Lore and Rodriguez would take over thereafter. This sale would dub the pair as the Timberwolves organization’s 3rd ownership group since its inception in 1989.
When Did This Start?
Reports of a potential sale of the Timberwolves first came in the Summer of 2020. Taylor retained the Raine Group based in New York, tasking them to find a buyer. Taylor presented the following statement regarding the sale at the time.
“I was recently approached by The Raine Group to discuss the future of our franchise. From the time I bought the team in 1994, I have always wanted what’s best for our fans and will entertain opportunities on the evolution of the Timberwolves and Lynx ownership structure.”Glen Taylor, via Sportico.com
It is unclear why the billionaire owner has opted to put the team up for sale. However, rumors of this move being related to hardships created by the COVID-19 pandemic have been denied.
Many of us are already familiar with Alex Rodriguez. He is a former three-time MLB MVP. Before turning his attention to Minnesota, Rodriguez tried making a play for the MLB’s New York Mets. Despite his efforts, ARod was unable to purchase the team. Marc Lore is the former President and CEO of Walmart eCommerce U.S.
As they close in on the sale, Rodriguez and Lore issued the following statement.
Glen Taylor bought the Timberwolves for $88 million in 1994. In his 27-year tenure, the team has only won two playoff series. This season, Minnesota has a league-worst 13-40 record.