Alex Rodriguez and Marc Lore are finalizing a deal to buy the Minnesota Timberwolves from Glen Taylor, sources told Adrian Wojnarowski of ESPN.
The deal is expected to be around the $1.5 billion mark.
Taylor will continue to own the team for the next two years, with Rodriguez and Lore taking over in 2023.
"We look forward to entering this phase of the process with Glen Taylor. Our respect for him and the legacy he has built lays an amazing foundation for what is to come. We are excited by the prospect of getting to know the Timberwolves organization," issued Rodriguez and Lore in a joint statement.