A-Rod, tech billionaire seal $1.5B purchase of T-Wolves
Thearon W. Henderson / Getty Images Sport / Getty

Former MLB star Alex Rodriguez and tech entrepreneur Marc Lore reached an agreement to purchase the Minnesota Timberwolves from Glen Taylor for $1.5 billion, the team announced Friday.

Rodriguez and Lore will reportedly be 50-50 partners in the acquisition, which also includes the WNBA's Minnesota Lynx.

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.

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A-Rod, tech billionaire seal $1.5B purchase of T-Wolves
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