The former New York Yankees star and former Walmart president and CEO Marc Lore have signed a letter of intent and are negotiating with Minnesota Timberwolves owner Glen Taylor to buy the NBA team, according to The Athletic's Jon Krawczynski. The deal also includes the WNBA's Minnesota Lynx, per Christopher Hine of the Star Tribune.
The pair reportedly have a 30-day exclusive negotiating window, and will take control of the team in two-and-a-half years if a deal is finalized.
Adrian Wojnarowski of ESPN also reported that the deal was being finalized, and tweeted a statement from the prospective owners:
The ordeal was an extended saga, with Rodriguez and Lopez's first bid sputtering out when it became clear their partner, billionaire Wayne Rothbaum, only wanted the team if it was heavily discounted (final price: $2.4 billion). The pair then found new partners and were reportedly preferred by the Wilpon family selling the team, but just couldn't overcome Cohen's financial muscle.
Rodriguez and Lopez have since been reported to have split up, which they denied. It is unclear if Lopez is involved in the Timberwolves bid.
Who is Marc Lore, Alex Rodriguez's business partner?
While Rodriguez made over $400 million in his career, Lore is likely the partner providing the majority of the money in the Timberwolves bid.
The New York native stepped down from his position running Walmart in January. Before his time with the retail giant, Lore was an entrepreneur who co-founded businesses including Jet.com (sold to Walmart for $3 billion) and Diapers.com (sold to Amazon for $545 million).
Krawczynski reports that Lore and Rodriguez have been business partners for years through their company, VCP, and they recently took public electric aircraft start-up Archer Aviation.
Lore told the Wall Street Journal earlier this year that he hoped to buy a sports team, and the Timberwolves may have been the most attractive option on the market.
Kevin Garnett tried to buy Timberwolves
Rodriguez isn't the first athlete to attempt to buy the Timberwolves from Taylor. T-wolves legend Kevin Garnett publicly signaled his interest in purchasing the team as soon as it was reported to be available.
Garnett, who has a contentious history with Taylor, announced that bid had failed in March. He had some choice words for the billionaire.
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