Taylor put the T-Wolves and Lynx on the market April 10. Rodriguez and Lore were granted an exclusive 30-day window to reach an agreement, which reportedly had to be extended.
As part of the deal, Taylor, a former politician and billionaire businessman, is expected to remain in control of the professional sporting properties through 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," Rodriguez and Lore said in a statement from April.
"We are excited by the prospect of getting to know the Timberwolves organization, the talented team, and their incredible fans."
Rodriguez, 45, enjoyed an illustrious career with the Seattle Mariners, Texas Rangers, and New York Yankees that included three MVP awards and 14 All-Star selections. Lore is the former president and CEO of e-commerce at Walmart.