Triple AHL MVP Alex Rodriguez and businessman Marc Lore have signed a letter of intent to negotiate with Minnesota Timberwolves owner Glen Taylor to buy the NBA franchise, a person in the know said. of the situation at USA TODAY Sports.
The person requested anonymity because they were not authorized to speak publicly about the potential sale of the Timberwolves.
Rodriguez and Lore signed the letter of intent on Saturday and have an exclusive 30-day window to reach a deal with Taylor.
If a deal is struck, Rodriguez and Lore would be limited partners with Taylor for more than two years, then Taylor would cede full control of the team to Rodriguez and Lore when they buy a controlling stake in the franchise.
Taylor bought the Timberwolves in 1994 for almost $ 90 million and has explored selling multiple teams in recent years to decide he still wanted to own the team or couldn’t find the right buyer. Taylor, 79, has reopened his interest in selling the team ahead of the start of the 2020-2021 season.
In recent “ Forbes ” ratings of NBA teams, the financial media estimated the Timberwolves to be worth $ 1.4 billion, 28th among 30 teams.
Rodriguez, who made over $ 400 million as a player and more as an investor, had an interest in buying the New York Mets, but lost to billionaire Steve Cohen. Lore was also one of Rodriguez’s partners in this effort. Lore made his fortune in e-commerce with Diapers.com, Jet.com and Walmart.
Earlier this year, Taylor told the Pioneer Press in St. Paul, Minnesota that the search for a new owner was not going very well.
“I couldn’t find anything to say for sure that I should go ahead,” Taylor told the newspaper. “The other question, is now a good time to sell when you don’t have fans? And now is not the right time.
Rodriguez and Lore got together and Taylor may have found the right buyers.
Taylor has long expressed interest in selling the team to someone or a group that would allow him to step down as majority owner within a few seasons.
In 2012, he said a new partner would own 25% of the team and then gradually buy over 50% of the team.