T-wolves Sale to Lore, A-Rod Up for NBA Approval
MINNEAPOLIS (AP) — Minnesota Timberwolves owner Glen Taylor has reached agreement on his $1.5 billion sale of the club. He is selling to e-commerce mogul Marc Lore and former baseball star Alex Rodriguez. The news was confirmed by a person with knowledge of the negotiation who spoke to The Associated Press on condition of anonymity because league approval was still pending.
Taylor previously said the deal was contingent on Lore and Rodriguez keeping the team in Minnesota. Lore and Rodriguez are 50-50 partners. They tried to buy the New York Mets last year but were beaten out for the Major League Baseball club by hedge fund manager Steve Cohen.
The 80-year-old Taylor, a lifelong Minnesotan who bought the Wolves in 1994 for $88 million to save them from moving to New Orleans, has said he will continue to run the club for two more seasons until a handover in 2023. The Minnesota Lynx WNBA team is included in the sale.
“They’ve asked that I would be there for any decisions that would need to be made. I would enjoy that. I love teaching people. These are a couple of very bright guys, and I think it could be helpful to the club and I think I could be helpful to them so that they feel confident once they take over 100%,” Taylor said an interview last month.
Lore became Walmart’s e-commerce chief in 2016, when the retail giant bought his Jet.com startup in an attempt to boost online business. Lore notified Walmart on Jan. 31 of his intent to leave the company. The 49-year-old Lore will continue to serve in a consulting role as a strategic adviser through September.