CM – Report: Update on Alex Rodriguez’s purchase of the NBA team

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Alex Rodriguez is dying to own a professional sports franchise. He and now former fiancée Jennifer Lopez had a failed offer to buy the New York Mets last year. Now he’s testing the NBA waters, trying to buy the Minnesota Timberwolves with tech entrepreneur Marc Lore.

Last month the team signed a letter of intent to buy the team and entered a month of exclusive negotiations over the to reach a deal with the current owner, Glen Taylor. The 30 day window is now closed.

There is still a very good chance that the A-Rod-led team will eventually buy the Timberwolves. It sounds like they have a few problems with a deal believed to be worth $ 1.5 billion.

« Part of the conversation last month revolved around that Guarantee that Taylor would transfer control of the property by a certain date, « said Brian Windhorst of ESPN. He also mentions that Taylor insists that new owners keep the team in Minnesota. It’s unclear if this is a point of contention for Rodriguez and Lore.

Marc Lore & Alex Rodriguez ’30-day exclusive window to buy wolves from Glen Taylor has ended without a deal. The sides continue to negotiate to reach an agreement: https://t.co/CGbeoVrU7a

« Both sides continue to negotiate in good faith to reach an agreement and it is possible that an extension of the window may be worked out will, but one is currently missing, « says Windhorst.

The deal is also expected to include the WNBA’s Minnesota Lynx, one of the league’s most successful teams. The Lynx have won four WNBA titles since 2011.

Alex Rodriguez has earned over $ 450 million in his formidable baseball career and has had a very successful business career in addition to his work in the sports media in the years since his retirement. Marc Lore is best known for starting Jet.com, an online retailer that Walmart acquired for $ 3.3 billion. He also sold the Quidsi company to Amazon for $ 545 million. He has an estimated net worth of around $ 4 billion.

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Filed under: Minnesota Timberwolves, Top Stories Tagged with: Alex Rodriguez, Glen Taylor, Jennifer Lopez, Marc Lore

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