Alex Rodriguez struck out on buying the New York Mets, but the MLB legend might soon be closing in on history by becoming part-owner of the Minnesota Timberwolves.
ESPN’s Adrian Wojnarowski reports that Rodriguez and billionaire Marc Lore are finalizing a deal to purchase the TImberwolves from majority owner Glen Taylor.
Rodriguez and Lore have since released a statement, announcing they will become minority stakeholders in the team. After two years of being mentored by Taylor on how to operate the NBA franchise, both men will then obtain majority ownership of the club.
According to The Athletic’s Jon Krawczynski, documents were signed on 30-day and the two parties will enter a 30-day negotiating window. If the deal is finalized, the plan will be implemented with the former MLB star becoming the new face of the Timberwolves organization as the succession plan begins.
The deal reportedly carries a $1.5 billion valuation, establishing a purchasing price for when the final sale could go through. In the coming weeks, both parties will negotiate additional details. If both sides agree to the purchase, Lore and Rodriguez will then seek approval from the NBA’s Board of Governors.
Timberwolves’ legend Kevin Garnett was part of an investment group with significant interest in buying the franchise. However, his long-time feud with Taylor meant that he would never have a realistic opportunity to obtain a stake in the team.
Rodriguez and Jennifer Lopez, who have since split, were part of a group trying to buy the Mets in 2020. While the group was one of the finalists, it ultimately lost to billionaire Steve Cohen.
Sports fans react to Alex Rodriguez signing deal to buy Minnesota Timberwolves
As word of the shocking news spread, both NBA and MLB fans reacted to the stunning announcement. Unsurprisingly, many couldn’t help but wonder if Rodriguez will move the team to Seattle and questioned Taylor for not selling the team to Garnett.