Retired Major League Baseball star Alex Rodriguez and businessman Marc Lore have reached a deal to buy the NBA's Minnesota Timberwolves, the team announced Friday.
The agreement, which must be approved by the NBA board of governors, also includes the purchase of the Women's NBA's Minnesota Lynx.
"Glen Taylor has reached an agreement with Marc Lore and Alex Rodriguez regarding the sale and future ownership of the Timberwolves and Lynx," the T-Wolves said in a statement.
"The transaction will close following league approval, beginning the transition of ownership and a new chapter of Minnesota Timberwolves and Lynx basketball."
The deal, worth a reported $1.5 billion, would give Lore and Rodriguez each 50 per cent of the NBA club, which Taylor had owned since 1995.
Rodriguez helped the New York Yankees to a 2009 World Series title and was a 14-time MLB All-Star infielder. In 2009, he admitted taking banned steroids from 2001 to 2003 while playing for the Texas Rangers.
At 22-48, the Timberwolves have been eliminated from playoff contention in the Western Conference, ranking 13th of 15 clubs.
The Timberwolves have reached the playoffs only once since 2004, losing to Houston in the first round in 2018.
The only two playoff series wins in franchise history, dating to the 1989-90 NBA season, came in 2004, when the T-Wolves reached the Western Conference final but lost to the Los Angeles Lakers.