Former Yankees third baseman Alex Rodriguez is officially trading in the baseball diamond for a basketball court.
ESPN reported on Tuesday that the NBA has approved of the deal that will net Rodriguez and partner Marc Lore a 20 percent minority share of the Minnesota Timberwolves. The deal also includes an ownership stake in the Minnesota Lynx.
The sale price was $1.5 billion for the MLB star and Walmart CEO. The offer was originally accepted in April, though they faced many legal battles in pursuit of the franchise. Meyer Orbach, a minority owner, attempted to stop the sale because owner Glen Taylor allegedly violated their agreement over when he would get paid for his approximately 16 percent of the franchise. But, the trial was settled, and now the sale has been approved.
A-Rod and Lore will start as minority owners, but they can purchase another 20 percent in 2022 and another 20 percent in 2023. This would lead them to become majority owners down the road.
Owner Glen Taylor will still stick around the organization, assisting Rodriguez and Lore as they learn how to lead a team.
“They’ve asked that I would be there for any decisions that would need to be made,” Taylor told the Associated Press. “I would enjoy that. I love teaching people. These are a couple of very bright guys, and I think it could be helpful to the club and I think I could be helpful to them so that they feel confident once they take over 100 percent.”
Rodriguez has been interested in acquiring a major league team for quite some time now. Last year, he and Jennifer Lopez submitted a $2.3 billion bid to buy the New York Mets, but were unsuccessful. Now, the CEO of A-Rod Corp gets his wish.
The three-time MVP will inherit a Wolves’ team that went 23-39 last season and missed the playoffs. However, the future could be bright in Minnesota. They have young talent in Karl-Anthony Towns (25), D’Angelo Russell (25), and 2020 first-round pick Anthony Edwards (19) that they can build a team around.
Originally published at https://nypost.com/2021/07/20/nba-approves-alex-rodriguez-mark-lore-to-buy-timberwolves/ on .