Former baseball star Alex Rodriguez and his business partner are poised to officially become the new owners of the NBA’s Minnesota Timberwolves.
Rodriguez and Lore are expected to sign formal paperwork shortly, and sources say A-Rod and Lore are equal, 50-50 partners in the purchase. https://t.co/9u5GqadCLH
— Shams Charania (@ShamsCharania) May 13, 2021
The sale of the Timberwolves had first been noted last month, with Rodriguez and his partner, Marc Lore, now set to take over a team that’s in the midst of a lengthy rebuilding project.
Lore’s money came as a result of his work in the tech field, while Rodriguez’s portion of the purchase price comes in part from the massive contracts he signed during his time as a baseball star.
Rodriguez’s time in baseball was marked by a number of controversial incidents, including being suspended for his use of performance-enhancing drugs.
Glen Taylor first purchased the Timberwolves in 1994 and has made previous attempts to sell the team. The reported $1.5 billion purchase price is a huge increase from the amount he paid for it 27 years ago, which was reportedly under $100 million.
Rodriguez and Lore have some major work ahead of them to keep rebuilding a franchise that has struggled mightily in recent years.
That one-time appearance came during the 2017-18 season and ended with a first-round departure in the Western Conference playoffs. This season, the Timberwolves have a record of 22-47 with three games left in their season.