Former Major League Baseball player Alex Rodriguez and Jet.com founder Marc Lore are buying the Minnesota Timberwolves, the basketball team said. The deal may be valued at about $1.5 billion, ESPN reported, citing sources who weren’t identified.
The two have an exclusive letter of intent to buy the National Basketball Association team from owner Glen Taylor. Based on the agreement, Rodriguez and Lore will initially join the team as limited partners.
“The deal structure will initially entail a limited partnership stake with a pathway to controlling ownership of the organization,” the team said in the statement.