MINNEAPOLIS • Minnesota Timberwolves owner Glen Taylor has reached agreement on his $1.5 billion sale of the club to e-commerce mogul Marc Lore and former baseball star Alex Rodriguez, a person with knowledge of the negotiation told The Associated Press on Thursday.

The person spoke to the AP on condition of anonymity because league approval was still pending and neither side had publicly announced an agreement.

The deal, Taylor previously said, has been contingent on Lore and Rodriguez keeping the team in Minnesota. The two sides entered an exclusive negotiating window on April 10. Lore and Rodriguez are 50-50 partners. They tried to buy the New York Mets last year but were beaten out for the Major League Baseball club by hedge fund manager Steve Cohen.

Any sale of an NBA club must ultimately approved by the league’s Board of Governors. The Timberwolves would then become the second NBA franchise sold this season. Gail Miller and her family struck an agreement in October to sell the Utah Jazz to Ryan Smith, a deal that was finalized after Board of Governors’ approval in December.

The 80-year-old Taylor, a lifelong Minnesotan who bought the Wolves in 1994 for $88 million to save them from moving to New Orleans, has said he will continue to run the club for two more seasons until a handover in 2023. The Minnesota Lynx WNBA team is included in the sale.

“They’ve asked that I would be there for any decisions that would need to be made. I would enjoy that. I love teaching people. These are a couple of very bright guys, and I think it could be helpful to the club and I think I could be helpful to them so that they feel confident once they take over 100%,” Taylor said an interview last month.