A-Rod in talks to buy NBA's Minnesota Timberwolves

Former baseball star Alex Rodriguez and ex-Walmart executive Marc Lore are finalizing a deal to buy NBA franchise Minnesota Timberwolves.

Timberwolves majority owner Glen Taylor said they had signed a letter of intent on Saturday.

The sale is reportedly worth $1.5 billion.

Under the conditions of the deal, Taylor would keep control of the club for the next two years and bring on Rodriguez and Lore as partners until a handover in 2023.

The agreement, which also includes the WNBA's Minnesota Lynx, opens a 30-day window for negotiations to be finalized.

Taylor, who put the teams on the market last year, said he was first approached by Rodriguez and Lore a week ago.

In a phone interview with The Associated Press, Taylor said he told all interested parties throughout the sale process that keeping the franchises in town was a prerequisite for purchase.

“There was no use talking to them if they didn’t agree to that,” the 79-year-old Taylor said.