The news that Alex Rodriguez and Jennifer Lopez are breaking up in the media does not seem to be impacting the former New York Yankee’s business plans.
According to news in the media, Rodriguez and former Walmart CEO Marc Lore have signed a letter of intent and are in talks to purchase the Minnesota Timberwolves from their current owner, Glen Taylor. The selling of the Minnesota Lynx, a WNBA team, is likely to be part of the transaction.
If a settlement is reached, Rodriguez and Lore will have a 30-day exclusive negotiation window and will take ownership of the team in two and a half years. According to ESPN, the transaction would cost about $1.5 billion.
“We look forward to entering this phase of the process with Glen Taylor,” Rodriguez and Lore said in a joint statement to the media. “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.”
Rodriguez and Jennifer Lopez were both part of a failed attempt to purchase the New York Mets by an investment group. According to sources, Rodriguez and Lore have promised to retain the team in Minnesota and will include language in the agreement to discourage the team from moving. If the deal goes through, the NBA’s Board of Governors will have to approve the pair.
Taylor bought the team in 1994 for $88 million and saved the team from being bought and moved to New Orleans. The Minnesota Timberwolves have never been championship contenders and reached the playoffs once in Taylor’s 26 years as owner. On the bright side though, the Minnesota Lynx have won four WNBA titles in the past ten years.
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