The Minnesota Timberwolves and Lynx have confirmed that owner Glen Taylor has reached an agreement to sell the teams to former MLB star Alex Rodriguez and investor Marc Lore.
A statement issued by the teams at noon Friday reads:
“Glen Taylor has reached an agreement with Marc Lore and Alex Rodriguez regarding the sale and future ownership of the Timberwolves and Lynx. The transaction will close following league approval, beginning the transition of ownership and a new chapter of Minnesota Timberwolves and Lynx basketball.”
It was reported on Thursday that a deal had been struck between the two parties, with the estimated sale price pegged at $1.5 billion.
Taylor bought the Timberwolves in 1994 for an estimated $88 million to prevent the team from being moved to New Orleans, and added the Lynx in 1999.
The sale to Rodriguez and Lore has sparked concern among fans that it could see the franchises move to a different city, but it has been reported that Taylor had orchestrated the sale with a view to both the Wolves and Lynx remaining in Minneapolis.
Sports Illustrated reported this week that Rodriguez and Lore will be 50-50 partners in the deal.