MLB legend’s massive $1.9b NBA takeover

Alex Rodriguez is closing in on finally owning a professional sports team.

The former Yankees star and his partner, Jennifer Lopez, lost out on purchasing the Mets to Steve Cohen.

Now, however, Rodriguez and his close friend Marc Lore are finalising a deal to become the new owners of the NBA’s Minnesota Timberwolves and the WNBA’s Minnesota Lynx from current owner Glen Taylor, who announced details of the deal on Saturday.

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Rodriguez and Lore, an e-commerce mogul, have a 30-day window to get the deal done after signing a letter of intent with Taylor on Saturday, according to reports.

Rodriguez and Lore would be 50-50 partners, but would be limited partners until 2023 so Taylor, who has owned the Timberwolves for 27 years, can bow out.

The purchase price is expected to be in the USD $1.5 billion (AUD $1.97 billion) range, according to ESPN, which cited sources.

The purchase price in the deal is expected to be in the $1.5 billion range, sources tell ESPN.

“We look forward to entering this phase of the process with Glen Taylor,” Rodriguez and Lore said in a joint 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 organisation, the talented team and their incredible fans.”

Jennifer Lopez and Alex Rodriguez attend the 2018 NBA All-Star Weekend.Source:AFP

Former baseball player Alex Rodriguez.Source:AFP

The 79-year-old Taylor told the Star Tribune the Timberwolves — and presumably the Lynx — will remain in Minneapolis, saying that stipulation will be included in the final purchase agreement.

He also told the paper things came together “really fast” after the sides first made contact.

“It went from nothing to signed within a week,” Taylor told the newspaper.

The Post reported in September that Rodriguez and his group of investors’ bid to buy the New York Mets was in the ballpark of the USD $2.4 billion Cohen paid.

This article originally appeared on the New York Post and was reproduced with permission

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