Former major league slugger Alex Rodriguez and billionaire Marc Lore are finalizing a deal to purchase the Minnesota Timberwolves and Minnesota Lynx from majority owner Glen Taylor, sources told ESPN on Saturday.
The purchase price in the deal is expected to be in the $1.5 billion range, sources said.
Taylor will continue to hold full control of both teams for two years before Rodriguez and Lore take over in 2023.
"We look forward to entering this phase of the process with Glen Taylor," Rodriguez and Lore said in a joint statement on Saturday.