Friday 14 May 2021 19:49, UK
The Minnesota Timberwolves and Lynx confirmed their sale on Friday to baseball great Alex Rodriguez and entrepreneur Marc Lore.
The NBA and WNBA teams said in a statement: "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,"
The teams did not disclose financial terms.
ESPN reported that the purchase price is $1.5 billion and includes the Iowa Wolves of the G-League and T-Wolves Gaming.
The teams are expected to transfer to Lore and Rodriguez before the 2023-24 NBA season, according to ESPN.
The Athletic reported that a condition of the sale was that the Timberwolves remain in Minneapolis.
Rodriguez attempted last year to buy the New York Mets baseball team along with former fiancee Jennifer Lopez, and Lore was among the other partners in that bid.
Bloomberg reported on Wednesday that Rodriguez and Lore are also pairing on a venture capital firm.
Lore, a billionaire New York native, stepped down as Walmart CEO in January.
The former entrepreneur created Jet.com (sold to Walmart for $3 billion) and Diapers.com (sold to Amazon for $545m), among other business ventures.
Rodriguez, 45, was a 14-time All-Star and three-time MVP during his 22 seasons with the Seattle Mariners, Texas Rangers and New York Yankees.
He ranks fourth all-time in home runs (696) and RBIs (2,086).
