Alex Rodriguez is finally getting closer to owning a professional sports team.
The former Yankees star and his partner, Jennifer Lopez, lost the purchase of the Mets to Steve Cohen, but now A-Rod and his close friend Marc Lore are finalizing a deal to become the new owners of the NBA’s Minnesota Timberwolves, according to reports. .
Rodriguez and Lore, an e-commerce mogul, have a 30-day window to complete the deal after signing a letter of intent with current owner Glen Taylor on Saturday, according to The Athletic. Rodriguez and Lore would be 50-50 partners and would spend the first two and a half years as limited partners so that Taylor, who has owned the Timberwolves for 27 years, can step down.
The purchase price of the team, which has not made the playoffs since the 2017-18 season, is expected to be in the range of $ 1.5 billion, according to ESPN.
“We look forward to entering this phase of the process with Glen Taylor,” Rodriguez and Lore said in a joint statement. “Our respect for him and the legacy he has built lays the foundation for what is to come. We are excited to get to know the Timberwolves organization, the talented team and their amazing fans.
The Post reported in September that Rodriguez and his investor group’s offer to buy the Mets was roughly in the $ 2.4 billion paid by Cohen.