Joined: 03 Feb 2004
|Posted: Sat Apr 10, 2021 5:45 pm Post subject: Alex Rodriguez, Marc Lore reported in exclusive negotiations to buy Timberwolves
|Alex Rodriguez, Marc Lore reportedly in exclusive negotiations to buy Timberwolves
Three-time MLB MVP Alex Rodriguez and his billionaire friend Marc Lore (who founded Jet.com then sold it to Walmart) were in the mix to buy the New York Mets recently but didn’t have the winning bid.
It looks like they found a professional sports franchise they can purchase — the Minnesota Timberwolves.
Rodriguez and Lore are entering into a letter of intent and are deep in negotiations to become minority owners in the Timberwolves, with current owner Glen Taylor serving as their mentor. In two years, Taylor would reportedly sell the rest of the team to the duo.
Jon Krawczynski of The Athletic broke the story, which other reports have since confirmed.
Taylor has repeatedly looked into selling the Timberwolves over the years but with Rodriguez and Lore seems to have found the kind of deal he wanted, something where he can ease out of his current role. Taylor bought the Timberwolves in 1994 for $88 million, doing so to stop the franchise from moving to New Orleans, and has savored his role as owner even as the team has struggled on the court in recent years.
The team’s valuation in this sale is $1.5 billion, according to The Athletic. That includes the WNBA’s Lynx, who are part of this sale.
Taylor, a former Minnesota senator, has been looking for an ownership group that would keep the team in the state. The Timberwolves’ lease at the Target Center in Minneapolis runs through the 2034-35 NBA season. However, the fee for breaking that lease is just $50 million (not that much to tack on if someone is paying more than a billion for the team and wants to move it to another market).
At 13-40, the Timberwolves have the worst record in the NBA this season, despite having a star center in Karl-Anthony Towns and last draft’s No. 1 pick Anthony Edwards. The team fired coach Ryan Saunders halfway through the season and replaced him with Chris Finch out of Toronto.
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