- Alex Rodriguez is nearing a deal to purchase the Minnesota Timberwolves.
- Rodriguez led a group that bid but failed to acquire the New York Mets last year.
- Current Timberwolves owner Glen Taylor is credited for saving Minnesota basketball in 1994.
Former MLB superstar Alex Rodriguez and his good friend, billionaire Marc Lore are finalizing a deal to buy the Minnesota Timberwolves from current owner Glen Taylor.
— Bleacher Report (@BleacherReport) April 10, 2021
Taylor announced in July 2020 his plan to sell the franchise to an investor who would keep the team in Minnesota. Last year, Taylor negotiated with Ryan Smith who eventually walked away from a deal to ultimately purchase the Utah Jazz for $1.66B last October.
The Timberwolves franchise has an estimated market value of $1.5B, which includes the WNBA’s Minnesota Lynx, who are part of the sale. The Lynx have won four WNBA titles in the last ten years. However, the Timberwolves have struggled to make the NBA playoffs during the last two decades.
Failed Bid to Buy the Mets
A-Rod was looking to buy the Mets before it was sold to Steve Cohen. https://t.co/hXnJG3NOHi
— Spectrum News NY1 (@NY1) April 11, 2021
This isn’t the first time that A-Rod is planning to buy a sports team. Last year, A-Rod and fiance at that time Jennifer Lopez led a big to buy the New York Mets. But after 420 zoom call during the height of the pandemic and after raising over $2B to make a bid for the team, he lost out by a mere $50M to hedge fund manager Steve Cohen.
Lore was also one of A-Rod’s partners in the failed Mets bid. The 49-year old founded Jet.com and later solid it to Walmart for $3.3B. Prior to that, Lore owned Quidsi which he sold to Amazon for $545M in 2011. Last year, he defeated NFL legend Jerry Rice in a 40-yard dash for charity.
Under the terms of their letter of intent to purchase the T-Wolves, A-Rod and Lore have a 30-day window to exclusively negotiate with Taylor. If the parties can agree to a deal, Rodriguez and Lore would serve as limited partners for two and a half years before taking over the Timberwolves.
One of the Greatest Saves in Minnesota Sports History
.@FSNTomHanneman: “Probably the greatest save in Minnesota sports history.”
— Bally Sports North (@BallySportsNOR) October 31, 2018
Taylor saved basketball from leaving Minnesota in 1994. With the Timberwolves threatening to leave Minnesota because of financial problems, the former state senator from Makato led a group of investors who ended up purchasing the team for $88M, and kept the team from heading to New Orleans.
But since he has taken over, Taylor has had an unimpressive tenure as team owner. After making the playoffs in eight consecutive seasons from 1997 to 2004, including the conference finals in 2004 when Kevin Garnett won MVP honors, Minnesota has struggled to return the postseason. They have made the postseason only once in the last 16 years, losing 4-1 to the Houston Rockets as the 8th seed in 2017-18.
Minnesota has missed the playoffs in the previous two seasons but after picking Anthony Edwards first overall in the 2020 NBA Draft, expectations were modest this season with the Wolves showing some promise after trading for D’Angelo Russell last season. But Minnesota has struggled this year with the NBA’s worst record at 13-40 and the worst odds to win the Larry O’Brien trophy at the best NBA betting sites.