World news – Alex Rodriguez closes deal to buy Timberwolves

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Former Yankees star and partner Jennifer Lopez lost the purchase of the Mets to Steve Cohen, but now A-Rod and close friend Marc Lore are reportedly entering into a deal to take over the new owners of Minnesota Timberwolves NBA.

Rodriguez and Lore, an e-commerce mogul, have a 30-day window to close the deal after they signed a letter of intent with current owner Glen Taylor on Saturday, according to The Athletic. Rodriguez and Lore would be 50-50 partners and would spend the first two and a half years as limited partners for Taylor, who has owned the Timberwolves for 27 years, to retire.

The purchase price for the team, which has not made it into the playoffs since the 2017/18 season, is expected to be in the range of $ 1.5 billion, according to ESPN.

« We look forward to entering this stage of the process with Glen Taylor, » said Rodriguez and Lore in a joint statement. “Our respect for him and the legacy he has built form an amazing foundation for what is to come. We are very excited about the prospect of getting to know the Timberwolves organization, the talented team and their incredible fans. The Post reported in September that Rodriguez and his group of investors were in the baseball stadium for the $ 2.4 billion Cohen paid to buy the Mets.

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