Shams Charania of the Athletic is reporting that former MLB All-Star Alex Rodriguez and tech entrepreneur Marc Lowe have reached an agreement to buy the Timberwolves and the Lynx for $1.5 billion with the partnership being 50-50.
The group originally signed a letter of intent on April 10th but a deal couldn’t be reached with Glen Taylor by the end of the 30-day negotiating window. As soon as it expired, reports surfaced that the timetable could be extended. The group attempted to buy the New York Mets when they were up for sale last year but lost out to hedge fund manager Steve Cohen.
Taylor, at 80 years old, has said he will continue to run the team up to 2023, at which point Rodriguez and Lowe will take over. He originally bought the Timberwolves in 1994 and the Lynx five years later.