MINNEAPOLIS — Glen Taylor has been close a few times to selling his stake of the Timberwolves, but no deal has crossed the finish line.
That appears to be changing.
Taylor, 80, has an agreement for the $1.5 billion sale of the Wolves and Lynx to former baseball star Alex Rodriguez and tech entrepreneur Marc Lore, a source confirmed.
The sides previously agreed to a 30-day exclusive negotiating window last month, but talks between the sides never ceased when that window expired, nor were there any major stumbling blocks to getting a deal done.
The next step in the process is to have the NBA approve the sale, which is likely to take weeks.
An announcement sealing the deal is expected later Thursday.
Rodriguez and Lore are 50-50 partners in the deal, according to a source.
Taylor said last month a potential deal came together quickly after he met with Lore and Rodriguez and shared his vision for how the sale would go. They met his asking price and Taylor is set to remain the controlling owner until 2023. Taylor has said any deal involving the sale of the Wolves would include a commitment to keep the team in Minnesota.
It's unclear how enforceable such language would be, but Taylor also said the NBA would have to approve any move and the league does not want to move the Wolves out of Minnesota.
Taylor founded Taylor Corporation, which oversees printing and marketing businesses, and Forbes estimated his net worth at $1.8 billion. He is also owner of the Star Tribune.
