The terms are reported to be $1.5 billion.
“Earlier today owner Glen Taylor signed an exclusive letter of intent regarding the purchase of the Minnesota Timberwolves and Lynx with Marc Lore and Alex Rodriguez,” the club said in a statement. “The deal structure will initially entail a limited partnership stake with a pathway to controlling ownership of the organization.”
Rodriguez was part of a group in the running to buy the New York Mets before they were sold to Steve Cohen late last year in a deal worth $2.42 billion.
Rodriguez, a former All-Star third baseman and shortstop who finished his career as a New York Yankee with 696 homers—good for fourth all-time, will be on the National Baseball Hall of Fame writer’s ballot for the first time later this year.
A-Rod said after the Mets bid was denied that he would continue to comb the market for a professional sports team.
Lore, a former chief executive of Walmart’s e-commerce division, is worth at least $320 million in figures compiled earlier this year. He still owns 35,000 units of Walmart stock worth $161.6 million.
A-Rod earned $441.3 million during his 22-year baseball career that ended during the 2016 season.
“We look forward to entering this phase of the process with Glen Taylor,” A-Rod and Lore said in their own statement. “Our respect for him and the legacy he has built lays an amazing foundation for what is to come. We are excited by the prospect of getting to know the Timberwolves organization, the talented team, and their incredible fans.”
Taylor, who purchased the Timberwolves in 1994 for $90 million, put the team on the market this past summer.
If the sale materializes, Taylor, who will turn 80 on April 21, will continue as the controlling owner until 2023 as part of the phase-in approach for the new ownership group. And a key stipulation of the deal is that the franchise will remain in Minneapolis where it was born in 1989 as an NBA expansion team.
Taylor is worth $2.9 billion.