MINNEAPOLIS — The Minnesota Timberwolves and Minnesota Lynx confirmed Friday that current owner Glen Taylor has reached an agreement on his $1.5 billion sale of the two teams to e-commerce mogul Marc Lore and former baseball star Alex Rodriguez.
"Glen Taylor has reached an agreement with Marc Lore and Alex Rodriguez regarding the sale and future ownership of the Timberwolves and Lynx," the teams said in a statement released on Friday afternoon. "The transaction will close following league approval, beginning the transition of ownership and a new chapter of Minnesota Timberwolves and Lynx basketball."
Taylor previously said the deal was contingent on Lore and Rodriguez keeping the teams in Minnesota. Lore and Rodriguez are 50-50 partners. They tried to buy the New York Mets last year but were beaten out for the Major League Baseball club by hedge fund manager Steve Cohen.
On April 11, Taylor confirmed the initial agreement for The Associated Press. Both sides had 30 days to finalize negotiations.
At that time, Taylor planned to keep control of the clubs for the next two years and bring on Rodriguez and Lore as partners until a handover in 2023.