A group led by Alex Rodriguez and Marc Lore signed a letter of intent to buy the NBA’s Minnesota Timberwolves and the WNBA’s Minnesota Lynx for around $1.5 billion.
Lore, who recently stepped down from his post as Walmart’s e-commerce chief, and A-Rod had been on the hunt for a sports team.
The duo tried to buy the New York Mets last fall, losing out to hedge fund billionaire Steve Cohen. Lore is a special advisor to A-Rod’s Slam Corp. SPAC, which raised $500 million in February.
Former T-Wolves star Kevin Garnett was interested in buying the team, and had put together an ownership group. However, that bid did not make it far, and team owner Glen Taylor said Garnett never expressed his interest in owning the team to him. Taylor, who bought the team for $88 million in 1994, was openly seeking a buyer since last July.
The Wolves have spent nearly two decades as an NBA cellar dweller, making the playoffs only once since 2004. Forbes estimated the team’s value at $1.4 billion in February — 28th out of 30 NBA teams.
The Lynx have been much better, winning the championship three times since 2011.