MINNEAPOLIS (AP) — Former baseball star Alex Rodriguez and e-commerce mogul Marc Lore have signed a letter of intent to buy the Timberwolves and keep the NBA franchise in Minnesota.
Timberwolves owner Glen Taylor confirmed the agreement, which includes the WNBA’s Minnesota Lynx. The two sides have a 30-day window for negotiations to be finalized.
Taylor plans to keep control of the club for the next two years and bring on Rodriguez and Lore as partners until a handover in 2023.
The Athletic first reported the sale, which would be worth $1.5 billion.