It has been reported that former baseball superstar Alex Rodriguez, known to most as “A-Rod” is currently in talks to finalize a deal that will make him part-owner of the NBA‘s Minnesota Timberwolves.
According to Complex, A-Rod and his business partner, entrepreneur Marc Lore are in the process to purchase the franchise from current owner Glen Taylor, who bought the team back in 1994 for a reported $88 million. This time the price tag is teetering in the neighborhood of $1.5 billion.
This new deal will place Rodriguez and Lore as minority owners with an even stake until 2023.
In a recent written joint statement, the business partners stated: “We look forward to entering this phase of the process with Glen Taylor. 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 Lore have signed a letter of intent yesterday (04/10), which allows them a 30-day window to close the deal.