A-Rod and former Walmart executive to buy the Minnesota Timberwolves
Retired baseball star Alex Rodriguez and former Walmart head of commerce Marc Lore have signed a letter of intent to buy the Minnesota Basketball Association’s National Timberwolves, a franchise spokesman said Saturday.
Under the agreement, Rodriguez and Lor will initially take a minimum stake in the Timberwolves and her sister in the National Women’s Basketball Association, Lynx said, a spokeswoman said.
The deal is worth $ 1.5 billion to the Timberwolves and Lynx and buyers can take control of the majority in about two and a half years, according to a person familiar with the matter.
The sale is reported to be one of the top transactions made by major professional sports clubs in the US. as the valuation has gone up ranging in the millions of dollars in recent years, surpassing traditional investment benchmarks like the S&P 500.
Only last year, baseball New York Mets sold Steve Cohen to the billionaire of the hedge fund For $ 2.45 million, and sold Ryan Smith to the founder of the NBA’s Utah Jazz Qualtrics for more than $ 1.6 million.
Rodriguez, best known for his 12 seasons as a New York Yankee, was bidders filled with stars in a brilliant auction process last summer for Mets, eventually losing to Cohen. Lore, entrepreneur of the series has left Walmart this year, Which founded Jet.com in 2016, sold it to a retail company for $ 3.3 million.
In a joint statement, Rodriguez and Lorea said they expected Glen Taylor to work with current Timberwolves owner and were “delighted to meet the Timberwolves organization, a highly talented team and their tremendous fans.”
Taylor bought the Timberwolves in 1994 for about $ 90 million. According to the Minneapolis Star-Tribune. He announced he was looking into the potential sale of the franchise last fall in hopes of keeping the team in Minnesota.
They were Timberwolves he almost moved to New Orleans Before selling to Taylor. The team has never won a league championship, but has played nine playoffs, the last in 2018.
The Minnesota Lynx has won four league championships, the last in 2017.