Tigers

Former MLB star Alex Rodriguez and tech entrepreneur Marc Lore have reached agreement to purchase the Minnesota Timberwolves from Glen Taylor for $1.5 billion.
Source: <a href="https://twitter.com/ShamsCharania/status/1392897348297179136" target="_blank" rel="noopener">Shams Charania/The Athletic</a>
ANALYSIS:&nbsp;Charania also adds that Lore and Rodriguez are reportedly 50-50 partners as new owners. Yesterday, <a href="https://www.basketballnews.com/stories/alex-rodriguezs-negotiating-window-to-purchase-timberwolves-expires" target="_blank" rel="noopener">Marc Stein reported</a> that the exclusivity window to negotiate an agreement had expired, but the two sides still managed to work out a purchase. Lore and Rodriguez have been the expected buyers of the team for the past month.
Here are more details via The Associated Press:
Minnesota Timberwolves owner Glen Taylor has reached agreement on his $1.5 billion sale of the club to e-commerce mogul Marc Lore and former baseball star Alex Rodriguez, a person with knowledge of the negotiation told The Associated Press on Thursday.
The person spoke to the AP on condition of anonymity because league approval was still pending and neither side had publicly announced an agreement.
The deal, which Taylor previously said was contingent on Lore and Rodriguez keeping the team in Minnesota, was first reported by The Athletic. The two sides entered an exclusive negotiating window on April 10. 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.
Any sale of an NBA club must ultimately approved by the league&rsquo;s Board of Governors, which could come later Thursday. The Timberwolves would then become the second NBA franchise sold this season. Gail Miller and her family struck an agreement in October to sell the Utah Jazz to Ryan Smith, a deal that was finalized after Board of Governors' approval in December.
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.
&ldquo;They&rsquo;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%,&rdquo; Taylor said an interview last month.
Lore became Walmart&rsquo;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.
The 45-year-old Rodriguez hit 696 home runs over 22 major league seasons, with the New York Yankees, Seattle Mariners and Texas Rangers. His last season on the field was 2016, marking the end of marvelous career that was tainted by performance-enhancing drug use he later admitted to. Rodriguez was suspended for the entire 2014 season for violating MLB policy.

Lore and Rodriguez reached a deal with Glen Taylor despite their 30-day exclusivity window expiring.

Alex Rodriguez, Marc Lore reach agreement to buy Wolves for $1.5 billion

Former baseball star Alex Rodriguez and e-commerce mogul Marc Lore signed a letter of intent Saturday to buy the Timberwolves and keep the NBA team in Minnesota, owner Glen Taylor said.
The agreement, which also includes the WNBA's Minnesota Lynx, opens a 30-day window for negotiations to be finalized. If accountants and attorneys for both sides agree, the deal would then need to be approved by the league.
<a href="https://theathletic.com/2510899/2021/04/10/sources-alex-rodriguez-marc-lore-negotiating-to-succeed-glen-taylor-as-timberwolves-owners/" target="_blank" rel="noopener">The Athletic first reported</a> the $1.5 billion sale.
Under the conditions of the deal, Taylor would keep control of the club for the next two years and bring on Rodriguez and Lore as partners until a handover in 2023. In a phone interview with The Associated Press, Taylor said their connection went &ldquo;terrifically well&rdquo; and that he was &ldquo;happy&rdquo; and excited" about what's to come.
&ldquo;They&rsquo;ve asked that I would be there for any decisions that would need to be made,&rdquo; Taylor said. &ldquo;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%.&rdquo;
Taylor, who put the teams on the market last year, said he was first approached by Rodriguez and Lore a week ago. The pair traveled to meet Taylor and his wife at their winter home in Naples, Florida. Taylor, who turns 80 on April 20, has spoken with numerous suitors over the years but taken a deliberate approach to finding a buyer he's comfortable with. He said he's done that with Rodriguez and Lore.
&ldquo;I was concerned if I got ill or something happened to me what would happen to the club. This gives me a path that I know it&rsquo;s going to happen. I feel confident that they&rsquo;ll take care of the franchise and move it ahead,&rdquo; Taylor said.
Throughout the sale process, he told interested parties that keeping the franchises in town was a prerequisite for purchase.
&ldquo;There was no use talking to them if they didn&rsquo;t agree to that,&rdquo; Taylor said.
The Timberwolves, who entered the league in 1989 as an expansion club, were on their way to New Orleans in 1994 before Taylor, a lifelong Minnesotan who built his fortune from a small commercial printing business, bought the team for $88 million.
As part of the renovations at Target Center that were initiated in 2016, the team&rsquo;s lease with the city of Minneapolis carries a $50 million penalty if it were to be broken prior to 2035.
Rodriguez and Lore are 50-50 partners in the deal, Taylor said.
The 45-year-old Rodriguez hit 696 home runs over 22 major league seasons, with the New York Yankees, Seattle Mariners and Texas Rangers. His last season on the field was 2016, marking the end of marvelous career that was tainted by performance enhancing drug use he later admitted to. Rodriguez was suspended for the entire 2014 season for violating Major League Baseball policy.
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. <a href="https://apnews.com/article/technology-e-commerce-59a6eade5f271e71e1a623534869f00d">Lore notified Walmart on Jan. 31</a> 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.
Rodriguez and Lore confirmed the agreement in a statement distributed to ESPN.
&ldquo;We look forward to entering this phase of the process with Glen Taylor. 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,&rdquo; the statement said.
Rodriguez was the headliner in a group that tried to purchase the New York Mets last year, before dropping out. Hedge fund manager Steve Cohen bought the club instead.
The background on the biggest stages of major sports that Rodriguez has was intriguing to Taylor.
&ldquo;I just think he understands leadership and what it takes and the different ways that you can coach and motivate people," Taylor said, "and I think having him around will be helpful in the selection of the right leaders for the team."
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