Glen Taylor has been close a few times to selling his stake of the Timberwolves, but no deal has crossed the finish line.
That has changed.
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.
The Wolves and Lynx, on Friday morning, released this statement: "Glen Taylor has reached an agreement with Marc Lore and Alex Rodriguez regarding the sale and future ownership of the Timberwolves and Lynx. The transaction will close following league approval, beginning the transition of ownership and a new chapter of Minnesota Timberwolves and Lynx basketball."
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 will be to have the NBA approve the sale, which is likely to take weeks.
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 they 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.