Alex Rodriguez hopes to become new owner of Minnesota's NBA team

Alex Rodriguez, the former New York Yankees shortstop who retired five years ago, is in line to become one of the new owners of the Minnesota Timberwolves NBA franchise, according to CBSSports.com.

Rodriguez is partnering with former Walmart executive Marc Lore on the purchase, which also includes Minnesota's WNBA team, known as the Lynx. Both Lore and Rodriguez have signed a letter of intent and will spend the next 30 days negotiating the purchase details with Glen Taylor, a former state politician who has owned the basketball franchises since 1994. Taylor has listed the Timberwolves-Lynx franchise price at $1.5 billion, CBSSports.com reports. "We look forward to entering this phase of the process with Glen Taylor," Lore and Rodriguez said in a statement Saturday. "Our respect for him and the legacy he built lays an amazing foundation for what is to come. We are excited by the prospect of getting to know the Timberwolves organization, the talented team and their incredible fans."