Yankees legend Alex Rodriguez and friend Marc Lore, the former president and CEO of Walmart U.S. eCommerce, are negotiating to become the next owners of the Minnesota Timberwolves.
The two have signed a letter of intent and are currently negotiating with Timberwolves majority owner Glen Taylor during a 30-day window, according to The Athletic's Jon Krawczynski. The two would serve as limited partners for the next two-and-a-half years before taking control of the team if a deal were to get done. Taylor would serve as a mentor for the two new owners. The deal would also include Taylor's WNBA team Minnesota Lynx, according to the Star Tribune, with an agreement to keep both teams in Minnesota.
"We look forward to entering this phase of the process with Glen Taylor," Rodriguez and Lore said in a statement. "Our respect for him [Taylor] 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."
Lore and Rodriguez would reportedly be 50–50 partners in the arrangement, according to The Athletic. The partners and Lore have also already agreed in an estimation of the franchise at $1.5 billion.
Lore and Rodriguez are longtime friends and business partners. Just last year the two attempted to purchase the Mets before Steve Cohen was able to secure the team.