Alex Rodriguez And Marc Lore Buy Minnesota Timberwolves

The former Yankees star and e-commerce billionaire now own the NBA franchise

The deal is worth an estimated $167 billion, making it one of the most expensive sports team purchases in history

Alex Rodriguez and Marc Lore have officially joined the ownership group of the Minnesota Timberwolves, the team announced Monday.

The two businessmen, who currently own a 40% stake in the team, have been trying to purchase another 40% from Glen Taylor, the Timberwolves' majority owner.

The deal values the Timberwolves at $1.5 billion, according to ESPN. That would make it one of the most expensive sports team purchases in history.

Rodriguez, a 14-time All-Star and three-time MVP, retired from baseball in 2016. He has since become a successful businessman, with investments in a variety of industries, including real estate, media, and sports.

Lore is the co-founder and former CEO of Jet.com, an e-commerce company that was acquired by Walmart in 2016. He is also a minority owner of the Milwaukee Bucks.

The Timberwolves are coming off a disappointing season, finishing 32-50 and missing the playoffs. However, the team has a promising young core, led by Karl-Anthony Towns and Anthony Edwards.

Rodriguez and Lore are expected to be active owners, and they have already pledged to invest in the team and the community.

"We are excited to join the Timberwolves ownership group and to work with Glen Taylor to build a winning team that will make the Twin Cities proud," Rodriguez said in a statement.

"We believe in the potential of this team and this city, and we are committed to doing everything we can to bring a championship to Minnesota," Lore said.