Alex Rodriguez could soon be the owner of the NBA’s Minnesota Timberwolves.
According to reports this weekend, Rodriguez and his billionaire entrepreneur friend Marc Lore are finalizing a deal to purchase the Minnesota Timberwolves from current owner Glen Taylor, who purchased the franchise for $88 million in 1994.
The two men signed a letter of intent to purchase the team on Saturday, according to CBS Sports.
“We look forward to entering this phase of the process with Glen Taylor,” the two men wrote. “Our respect for him and the legacy he has built lays an amazing foundation for what is to come. We are excited by the prospect of getting to know the Timberwolves organization.”
Rodriguez and Lore would be minority owners until 2023, before assuming full control of the team in 2023. In addition to the Timberwolves, The Athletic’s Jon Krawczynski reports the deal would also include the Minnesota Lynx of the WNBA.
Both teams would remain in Minnesota.
The Timberwolves have not reached the playoffs since the 2017-18 NBA season.