Baseball legend Alex Rodriquez, former Walmart CEO negotiating to buy Minnesota Timberwolves

Former shortstop and third baseman for the New York Yankees Alex Rodriguez "A-Rod" visits "Mornings With Maria" at Fox Business Network Studios on August 08, 2019 in New York City. (John Lamparski)

Baseball legend Alex Rodriquez and former Walmart CEO Marc Lore are negotiating to buy the Minnesota Timberwolves and Lynx from owner Glen Taylor, the team confirmed on Saturday.

In a statement to FOX 9, the team confirmed a report from The Athletic that the former baseball star and Lore have signed a letter of intent for exclusive rights to negotiate a deal with Taylor. The team says the deal structure would "will initially entail a limited partnership stake with a pathway to controlling ownership of the organization."

According to the Athletic, if the deal is struck, A-Rod and Lore would serve as limited partners under Taylor for two years before taking full control, allowing for Taylor to serve as a mentor.

The Athletic also says that Taylor says negotiations have been under the premise that the team will stay in Minnesota.