Former major league slugger Alex Rodriguez and billionaire Marc Lore are finalizing a deal to buy the Minnesota Timberwolves from majority owner Glen Taylor, sources told ESPN’s Adrian Wojnarowski on Saturday.
The purchase price of the deal is expected to be in the range of $ 1.5 billion, sources say.
Taylor will continue to have full control of the team for two years before Rodriguez and Lore take over in 2023.
Rodriguez and Lore released a joint official statement on the deal that said, “We look forward to entering this phase of the process with Glen Taylor. Our respect for him and the legacy he has built lays the foundation for what is to come. We are excited about the prospect of getting to know the Timberwolves organization. “