MINNEAPOLIS (AP) — Former baseball star Alex Rodriguez and e-commerce mogul Marc Lore signed a letter of intent Saturday to buy the Timberwolves and keep the NBA team in Minnesota, owner Glen Taylor said.
The agreement, which also includes the WNBA’s Minnesota Lynx, opens a 30-day window for negotiations to be finalized. If accountants and attorneys for both sides agree, the deal would then need to be approved by the league.
The Athletic first reported the $1.5 billion sale.
Under the conditions of the deal, Taylor would keep control of the club for the next two years and bring on Rodriguez and Lore as partners until a handover in
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