MINNEAPOLIS (AP) — Minnesota Timberwolves owner Glen Taylor has reached an agreement on his $1.5 billion sale of the club.
He is selling the team to e-commerce mogul Marc Lore and former baseball star Alex Rodriguez.
The news was confirmed by a person with knowledge of the negotiation who spoke to The Associated Press on condition of anonymity because league approval was still pending.
Taylor previously said the deal was contingent on Lore and Rodriguez keeping the team in Minnesota.
Lore and Rodriguez are 50-50 partners. They tried to buy the New York Mets last year but were beaten out for the Major League Baseball club by hedge fund manager Steve Cohen.
Once the sale is approved by the league’s Board of Governors, the Timberwolves would become the second NBA franchise sold this season.
Taylor, 80, who bought the team in `1994 for $88 million, will run the club for an additional two seasons before handing over ownership in 2023.
WNBA team, the Minnesota Lynx, is included in the sale.