Alex Rodriguez and partner finalizing deal for Timberwolves and Lynx

“We look forward to entering this phase of the process with Glen Taylor,” Rodriguez and Lore said in a joint statement Saturday. “Our respect for him and the legacy he has built lays an amazing foundation for what is to come. We are excited by the prospect of getting to know the Timberwolves organization.”

Taylor, who purchased the T-Wolves for $88 million in 1994 after the team nearly was relocated to New Orleans, began looking for a buyer last July and discussed a sale with billionaire Ryan Smith, who instead ended up buying the Utah Jazz in October for $1.66 billion in October.

Taylor’s tenure with the Timberwolves and Lynx has been mixed. The NBA team reached the playoffs once, but the Lynx have won four WNBA championships in the last 10 years. Keeping the teams in Minnesota has been a topic during negotiations, but A-Rod has ties to Seattle, where he spent the first seven seasons of his playing career. Seattle has been eager for a team since the SuperSonics became the Oklahoma City Thunder before the 2008-09 season.

Last summer, A-Rod and his fiancee, Jennifer Lopez, backed out of the bidding to buy the Mets, which were purchased by billionaire hedge fund manager Steve Cohen.

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