Earlier today, it was reported that Alex Rodriguez and his friend/tech entrepreneur Marc Lore have entered an agreement to sign NBA franchise Minnesota Timberwolves for $1.5 billion.
Former MLB star Alex Rodriguez was a shortstop and third baseman, and has been involved in multiple entrepreneurial initiatives since retirement. Rodriguez is a 14-time All-Star and has won the 2009 World Series Championship with the New York Yankees. He is the CEO of “A-Rod Corp” as well as the chairman of Presidente beer.
Marc Lore is a longtime friend of Rodriguez and is a popular American entrepreneur/investor. He sold his company “Quadsi” to Amazon for $545 million in 2011, and he now has a net worth of over $1 billion.
Shams Charania of The Athletic has reported that the pair of Rodriguez and Lore has reached an agreement to sign the Minnesota Timberwolves.
Glen Taylor agrees to sell Minnesota Timberwolves for $1.5 billion
The deal has not been formally announced yet but is expected to be worth a whopping $1.5 billion. Alex Rodriguez and Marc Lore had earlier reached an agreement to negotiate the purchase of the franchise from current owner Glen Taylor on April 10th. The two parties had agreed on a 30-day exclusive negotiating window but no agreement could be reached by May 10th.
Meanwhile, it was also recently reported that NBA veteran Arran Afflalo had been attempting to purchase the Minnesota Timberwolves via an ownership group for ten months.
The completion of the 30-day window for Rodriguez and Lore had reportedly given renewed hope to Arran Afflalo’s ownership group. However, it now seems that an agreement has finally been reached.
Current owner Glen Taylor is an American businessman who owns the Minnesota Timberwolves' NBA and WNBA teams. He is the owner of the Star Tribune and is a former member of the Minnesota Senate. He purchased the Minnesota Timberwolves NBA team back in 1994 for a reported sum of $94 million, and purchased the Minnesota Lynx WNBA team in 1999 after initially being locked in talks to buy the Minnesota Twins.
However, reports have now claimed that his 17-year relationship with the franchise is coming to an end, with more details about the agreement expected to be released in the coming time.