Alex Rodriguez Enters ‘Exclusive Negotiations’ to Buy Minnesota Timberwolves
OGUT/Star Max/GC Images. Pictured: Alex Rodriguez
Alex Rodriguez has his eye on buying another team.
The former Major League Baseball All-Star, who played with the Mariners, Rangers and Yankees, has entered into exclusive negotiations to buy the Minnesota Timberwolves, The Action Network has confirmed. The Athletic was first to report the news.
Rodriguez has made unsuccessful bids to buy the Florida Marlins and the New York Mets. He’s now partnered with Marc Lore, who for five years was the president of e-commerce at Walmart, in the bid to buy the T’Wolves from Glen Taylor, who has owned it since 1994.
“We look forward to entering this phase of the process with Glen Taylor,” Rodriguez and Lore said, in a statement. “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, the talented team, and their incredible fans.”
Taylor has been toying with selling the team for at least five years. In September, Browns owner Jimmy Haslem was looking into the team, which Sportico values at $1.4 billion, the third least-valuable team in the league, ahead of only the Grizzlies and Pelicans.
In February, Taylor said he was having second thoughts of selling the team, given that there weren’t any revenue streams coming from fans. Taylor bought team for $88M in 1994, which is an inflation adjusted $155M.
It is not known how much Rodriguez, who made $452 million on the baseball field alone, is worth today, but Lore is said to be worth more than $1 billion. Lore sold Jet.com to Walmart before becoming president of the retail giant’s e-commerce division.
The Timberwolves have one playoff win in the last 16 seasons.