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Just when it looked like things might not get done on this front, MLB legend Alex Rodriguez and his investment partner Marc Lore have stepped up and sealed the deal.
According to A.J. Perez and Michael McCarthy of Front Office Sports, the group spearheaded by these individuals have finalized a deal to buy the Minnesota Timberwolves from current owner Glen Taylor.
“The financial terms of the deal were not immediately known, although the deal that includes the WNBA’s Minnesota Lynx is expected to be about $1.5 billion,” the report read.
This report has since been confirmed by NBA insider Shams Charania of The Athletic.
As the exclusive negotiating window between Alex Rodriguez’s group and the Timberwolves came to an end, there was some talk that this might now work out. That’s obviously no longer the case.
Under the plan of the purchase, Alex Rodriguez and his group would take over in 2024 with Taylor still running the ship through 2023. The idea would be for them to learn from the longtime Minnesota Timberwolves owner instead of being thrown into the fire.
Obviously, this purchase still needs to be approved by the NBA’s Board of Governors. However, there’s really no reason to believe that any issues will come to light to prevent the sale.
Alex Rodriguez founded a holding company called A-Rod Corp. when he was still a MLB player back in 1995. Since then, its portfolio boasts north of 30 companies that includes real estate. The Front Office Sports report notes that Rodriguez’s company has bought over $1 billion worth of real estate.