Reports: A-Rod, Lore reach agreement to buy Timberwolves, Lynx from Glen Taylor
Multiple reports say billionaire businessman Glen Taylor has reached an agreement to sell the Minnesota Timberwolves and Lynx to Alex Rodriguez and Mark Lore.
According to The Athletic's Shams Charania, the sale price is for approximately $1.5 billion. Front Office Sports was the first to report that an agreement was in place, adding that the expected sale price was "about $1.5 billion."
Former MLB star Alex Rodriguez and tech entrepreneur Marc Lore have reached agreement to purchase the Minnesota Timberwolves from Glen Taylor for $1.5 billion, sources tell @TheAthletic @Stadium.
— Shams Charania (@ShamsCharania) May 13, 2021
Rodriguez is a former MLB All-Star who now owns numerous companies through his A-Rod Corp. holding company. Lore is a tech entrepreneur and the former e-commerce chief of Walmart.
Rodriguez and Lore were first reported to be finalizing a deal for the Timberwolves and Lynx in early April, when The Athletic's Jon Krawczynski reported that Taylor would continue controlling the franchises for two years before Rodriguez and Lore take over in 2023.
It's unclear if that piece of the deal is still in place.
Krawcyznski also originally reported that Taylor had orchestrated the deal to ensure the Timberwolves don't relocate. That, too, is unconfirmed.
More to come.
Both sides never slowed down on negotiations even after the exclusivity expired. Taylor, Rodriguez and Lore hit it off from the start and that carried through to the end of these negotiations.
— Jon Krawczynski (@JonKrawczynski) May 13, 2021
Title: Bring Me The Sports co-owner, editor Email: joe@bringmethenews.com Twitter: @JoeBMTN Education: Southwest Minnesota State University Location: Minneapolis, Minnesota Expertise: All things Minnesota sports Nelson has covered Minnesota sports for two decades, starting his media career in sports radio. He worked at small market Minnesota stations in Marshall and St. Cloud before joining one of the nation's highest-rated sports stations, KFAN-FM 100.3 in the Twin Cities. There, he was the producer of the top-rated mid-morning sports show with Minnesota Vikings announcer Paul Allen. His radio experience helped blossom a career as a sports writer, joining Minneapolis-based Bring Me The News in 2011. Nelson and Adam Uren became co-owners of Bring Me The News in 2018 and have since more than tripled the site's traffic and launched Bring Me The Sports in cooperation with the Sports Illustrated/FanNation umbrella. Nelson has covered the Super Bowl and numerous training camps, NFL combines, the MLB All-Star Game and Minnesota playoff games, in addition to the day-to-day happenings on and off the field of play. Nelson also has extensive knowledge of non-sports subjects, including news and weather. He works closely with Bring Me The News meteorologist Sven Sundgaard to produce a bevy of weather and climate information for Minnesota readers. Nelson helped launch and manage the Bring Me The News Radio Network, which provided more than 50 radio stations around Minnesota with daily news, sports and weather reports from 2011-17.