MINNEAPOLIS (FOX 9) - Baseball legend Alex Rodriquez and former Walmart CEO Marc Lore are negotiating to buy the Minnesota Timberwolves and Lynx from owner Glen Taylor, the team confirmed on Saturday.
In a statement to FOX 9, the team confirmed a report from The Athletic that the former baseball star and Lore have signed a letter of intent for exclusive rights to negotiate a deal with Taylor. The team says the deal structure would "will initially entail a limited partnership stake with a pathway to controlling ownership of the organization."
According to the Athletic, if the deal is struck, A-Rod and Lore would serve as limited partners under Taylor for two years before taking full control, allowing for Taylor to serve as a mentor.
The Athletic also says that Taylor says negotiations have been under the premise that the team will stay in Minnesota.