"Glen Taylor has reached an agreement with Marc Lore & Alex Rodriguez regarding the sale and future ownership of the Wolves & Lynx," the Timberwolves said in a statement Friday. "The transaction will close following league approval beginning the transition of ownership and a new chapter."

Rodriguez hit 696 home runs over 22 major league seasons with the New York Yankees, Seattle Mariners, and Texas Rangers. Rodriguez was suspended for the entire 2014 season for violating the MLB's drug policy and retired after the 2016 season.

Lore has been the president and CEO of several e-commerce companies including Jet.com and the now-defunct Quidsi. Most recently, Lore left his role as president and CEO of Walmart U.S. e-commerce at the end of January, according to Forbes.com. Taylor, a former Republican senator for the state of Minnesota, who served from 1981-1990, bought the Timberwolves in 1994. The Timberwolves are currently 22-48 and in 13th place in the Western Conference standings. The team will conclude their season on Sunday against the Dallas Mavericks.

Source: CNN

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