MINNEAPOLIS (Ticker) -- Minnesota Timberwolves owner Glen Taylor and the lead investor for the NHL expansion Minnesota Wild agreed to purchase the Minnesota Twins, pending approval of a new stadium in St. Paul for the major league team.

Twins owner Carl Pohlad signed a letter of intent on Thursday to sell the team to Taylor and Robert Naegele Jr. for $120 million. Pohlad owner the Twins for the last 16 years and addressed the media today.

"This is a day of high emotion for me," said Pohlad, who fondly recalled his championship teams in 1987 and 1991.

However, the sale is not final until a stadium is approved. St. Paul mayor Norm Coleman is developing a plan to build a new stadium along the city's riverfront.

A proposed $325 million stadium is contingent on St. Paul voters approving a November 2 referendum calling for a sales tax increase that would finance one-third of the facility.

Under Coleman's plan, the Twins would pay one-third and the state would pay one-third. The state needs approval from the legislature, where there is much opposition to funding a new stadium for the Twins. Governor Jesse Ventura is also opposed to public funding for a ballpark.

Two years ago, the Minnesota House of Representatives voted 84-47 against funding a new stadium for the Twins.

Major League Baseball must approve any transfer of ownership. Pohlad is a member of baseball's ruling Executive Council and the Player Relations Committee board of directors, making it unlikely that fellow owners would block the proposed sale.

Pohlad recently turned down an offer from Minneapolis attorney Clark Griffith to purchase the team. Griffith is the son of Calvin Griffith, who sold the team to Pohlad in 1984 for $36 million.

The team moved into the Metrodome in 1982 after playing at Metropolitan Stadium in nearby Bloomington from 1961-81.